The brand new homeowners of offshore companies supplier Acteon Group might assist the agency capitalise on its “vital” potential in offshore wind, in accordance with an trade skilled.
Non-public fairness buyers Buckthorn Companions and One Fairness Companions (OEP) introduced the acquisition of Acteon Group final week for an undisclosed charge.
Acteon Group contains greater than 15 corporations working within the offshore renewables, oil and fuel, and decommissioning sectors.
The Norwich-based agency maintains a major presence within the North East of Scotland, by way of an operational base in Aberdeen.
The brand new homeowners plan to make a “substantial funding” in Acteon, and appointed former Fugro board member and Coretrax chairman Brice Bouffard as its new chief government officer.
And in accordance with one trade skilled, the brand new possession “opens up the potential of growing a worldwide British champion in engineering companies and tools, tailor-made for the burgeoning renewable vitality sector”.
Offshore wind provide chain skilled and ABL Group world managing director of renewables John MacAskill mentioned underneath its earlier homeowners KKR, Acteon “confronted the problem of synergising its various capabilities to turn into extra than simply the sum of its components”.
However underneath the brand new homeowners, Mr MacAskill mentioned Acteon will profit from a acknowledged shift in direction of a extra targeted technique in offshore wind.
“The potential is important for Acteon if it will get it proper; to steer in innovation, broaden its world footprint, and make vital contributions to the offshore wind trade and UK PLC,” he mentioned.
Acteon journey ‘not with out its dangers’
Nevertheless, Mr MacAskill mentioned the journey won’t be with out danger for the agency given the “nature of secondary buyouts”.
“The brand new [private equity] homeowners face the fragile stability of fostering long-term strategic development whereas managing the stress for fast monetary returns,” he mentioned.
“I’m questioning if the cooling of offshore wind final 12 months additionally took a number of the froth off valuations, so the brand new homeowners might really feel they’ve an honest deal right here.”
Mr MacAskill mentioned Acteon was valued between £800-£900 million when KKR purchased Acteon in 2012, and the success for its transition underneath its new possession will largely depend upon balancing monetary concerns “with out compromising on innovation and strategic enlargement”.
“The concentrate on offshore wind not solely represents a strategic alignment with world vitality transition targets but in addition a dedication to sustainable improvement and innovation,” he mentioned.
“But, it’s essential that Acteon and its new homeowners rigorously handle the transition, sustaining a eager eye on the long-term imaginative and prescient amidst the pursuit of monetary efficiency.”
The offshore wind provide chain might present an estimated £92 billion in potential advantages for the UK economic system by 2040, however the sector was beset by challenges in 2023.
Regardless of the problems going through the offshore wind provide chain, Mr MacAskill is hopeful Acteon can turn into a “beacon of British engineering prowess on the worldwide stage”.
“We’d like all of the British success tales we are able to get,” he mentioned.
Buckthorn North Sea investments
Aside from its funding in Acteon, Buckthorn has made a number of acquisitions throughout North East vitality sector lately.
In 2017, the agency collectively acquired Westhill-based subsea tools agency Ashtead Know-how.
A number of months later, Buckthorn acquired Aberdeen-based built-in drilling waste and environmental companies firm TWMA.
A 12 months later, Buckthorn grew to become the majority shareholder in Aberdeen-headquartered oilfield companies agency Coretrax.
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