Maven sells its £2.5m stake in N. Sea supply company MSIS for £20 million

MSIS chief executive Chris Lloyd and managing director Ian McPherson (right)
MSIS chief executive Chris Lloyd and managing director Ian McPherson (right)

Primary Capital Partners LLP has taken over a majority stake in specialist environmental services and equipment provider MSIS in a £20 million deal.

This deal will help MSIS fast-track its growth plans to capture a larger share of the North Sea market and further develop its presence in selected international offshore markets. 

The deal also sees a profitable exit for Aberdeen-based Maven Capital Partners, which invested an initial £2.5 million in MSIS in 2007.

Chris Lloyd, MSIS chief executive, and managing director Ian McPherson will remain to lead the management team, which own 30% of the business.

Jock Gardiner, energy services partner at Maven, commented: “We formed an excellent partnership with Chris Lloyd and his team since we acquired MSIS and it is hugely satisfying to have worked with the business and in particular developed its oilfield service capability both in the North Sea and globally in recent years.

“This investment has delivered a highly profitable return of 3.5 times our original investment for Maven clients and vindicates our long-term investment approach.”

Since its launch in 1998, MSIS now employs 80 people in specialist cleaning, waste management services. Over the last two years, the rapidly expanding company has made substantial investment in equipment and facilities at its bases in Invergordon and Aberdeen.

Chris Lloyd said: “This strategic deal for MSIS will help us accelerate our growth ambitions and opens up new opportunities for our employees. The management team looks forward to working closely with Primary to build upon our strong platform to extend our services and market reach.

“In the currently challenging oil and gas market, this investment allows us to take bold steps towards adding to and developing our high quality services and products which will continue to offer cost effective environmental solutions to our onshore and offshore customers.

“Our two founder directors Dave Skinner and Jim Macaskill will taking a step back from the business following the deal. Both have been instrumental in helping to build MSIS into the successful company that it is today.”

Pixie Energy

Pixie logo Pixie Energy is an incubator and a facilitator of strategic research and project work, focusing on energy regulation, policy and markets at the local and national level. Find out more about Pixie Energy here.

Local Energy Matters: Scotland

Local Energy Matters: Scotland is a free-to-download brochure with a focus on energy tariffs in the two Scottish electricity distribution regions, as well news on local energy and low-carbon schemes.

Previous editions can be download here.

Scottish energy market overview

You can read an overview of the Scottish energy market here.

Scottish Government energy feed