Rotech Subsea has completed a management buyout (MBO) in a move that should see the company strengthen its position in subsea mass flow excavation.
Following the MBO, the group’s three operating companies, Rotech Subsea, Rotech Engineering and Rotech Fabrication, will be headed up by continuing directors Dr Don Stewart, Stephen Cochrane, Martin Graham and Steve Aitken with the support of Mike Hill, who continues as Chairman.
According to the company, the buyout, which was supported by existing shareholders, will herald a new phase of investment by Rotech in the growth and development of its subsea excavation business.
The company recently deployed its new RS controlled flow excavation technology which it believes is set to revolutionise the sector.
Dr Don Stewart of Rotech said: “We are delighted with this opportunity to grow and move the business in a new direction. As a team we go back a long way with Rotech, having worked extremely well together over many years, and look forward to this exciting new chapter for the company.
“Despite the challenges facing the offshore industry we are pleased to be delivering the growth of our subsea business particularly in the offshore renewables and power cable sectors.
“As the new owners we intend to deliver our ambitious and fully-capitalised business plan, focused on the growth and development of our subsea excavation business.
“The new company structure sees us boast a strong balance sheet, enabling the growth of the new business which will see Rotech Engineering continuing to develop innovative new designs, Rotech Fabrication building the new fleet, and Rotech Subsea operating these state-of-the-art tools with an excellent on and off-shore team.”
Financial details surrounding the deal have not been disclosed.