Bluewater has taken full ownership of subsea robotics business Rovop.
BGF sold its seven-year stake to the London-based private equity firm for an undisclosed sum, but Rovop's chief executive Neil Potter told the Press & Journal that the deal “does not, in any way, impact the day-to-day activities of the business”.
The Aberdeenshire-based company was founded in 2011 and employs 250 people in the oil and gas, offshore wind and utilities industries across Europe, the Middle East, North Africa, Asia-Pacific and the Americas.
Accounts for the 18 months to 31 March 2021 showed a narrowing of pre-tax losses to £9.5m, from £22.6m during the previous 12 months, while revenue grew to £46.6m from £36m.
Potter said: “It has been a positive couple of years for Rovop and during this period the growth support from our investors has been of significant benefit.
“Looking forward, aligned with the positive trajectory of the sector, we have strong utilisation, growing backlog and a number of key established relationships – which positions Rovop well as we head into 2023.”
BGF invested £10m in Rovop in 2015, which helped pay off the £5m it was lent in 2012 by the Scottish Loan Fund.
BGF and Bluewater both invested a further £56m in 2017.
Rovop completed a refinancing in July 2020, with another £5m from Bluewater and BGF, alongside debt restructuring.
The business also appointed a new senior management team, with David Lamont stepping down as chief executive and Potter taking his place.
Maurice McBride joined as a non-executive chair.
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