Critical industry rental supplier Centurion Group has acquired rival firm RMEC.
Based in Forfar, RMEC also specialises in rentals, sales and service for the well services and energy sectors, letting Aberdeen-based Centurion expand its product and service footprint.
RMEC aims to support clients through the life cycle of their assets and should give the group greater access to the decommissioning market on a global scale.
The deal is part of Centurion’s mergers and acquisitions growth strategy, constituting the group's third acquisition in 2022, following transactions for Canada’s Polar Septic Systems and Aberdeen-based Aleron in January.
Chief executive Fernando Assing commented: “We are delighted to have RMEC join the Centurion family - their reputation for delivering some of the safest and most efficient well services on the market aligns closely with our strategy and values, and as part of the group, they will add tremendous value to our growing global customer base.”
Bryan Fagan, managing director of RMEC, added: “As part of Centurion, we look forward to increased global reach our business will have, and serving our customers in the decommissioning industry and beyond with even greater access to safe, efficient, and sustainable equipment solutions.”
The deal also provides an exit for Maven Capital Partners, generating a 2.26x blended return for investors.
Maven originally led the management buy-in of RMEC in 2014, with the transaction funded by the Maven VCTs and through Maven’s co-investment network for professional clients.
This saw Bryan Fagan joining the business, while Ian McPherson was also appointed as chair, having previously been managing director at MS Industrial Services and Nessco; former portfolio companies of Maven.
Ewan MacKinnon, partner at Maven, stated: “The company has a great management team who we have enjoyed working with over the past eight years.
“The sale to Centurion is a complementary fit for RMEC, with significant opportunities for both businesses to explore.”
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