MS Industrial Services (MSIS) has been bought by a consortium of investors led by oil industry veteran Chris Lloyd in a deal in excess of £6m.
Lloyd, a former managing director of logistics firm ASCO, has acquired the Scottish industrial cleaning and waste disposal business with the backing of Aberdeen Asset Managers. The deal is also being supported by Barclays Bank.
The company was sold by managing director David Skinner, Jim MacAskill its operational director and commercial director Neil McArthur.
The Aberdeen-based firm, which employs 35 full-time staff, has a significant section of its business in the oil and gas industry, providing services such as oil spill response and environmental management.
Lloyd is now planning to build an environmental services group and regards this acquisition as a ‘platform’ to achieve that aim.
“It was extremely important to identify a firm which already provides a wide range of high-quality services, delivered by highly-skilled and experienced people and which has a strong growth potential in its own right,” he said.
“With MSIS being at the core, we will continually be looking at other environmental services businesses which will enable us to add value to the group, not just in the UK but also internationally.”
Jock Gardiner, investment director of Aberdeen Asset Managers, said: “Environmental services is a growing and exciting market, and this is an ideal time to drive MSIS forward and exploit new opportunities both at home and internationally. MSIS was a very attractive proposition with real growth potential.
“We have every confidence in the strong and experienced management team.”
© Crimson Business Ltd. 2007