Leading offshore geotechnical engineering and drilling company Geoquip Marine has attracted major investment from Njord Partners, a specialist European investment fund.
Njord Partners first invested in Geoquip in 2014, at a time when the company's main activities in the oil and gas sector were considerably affected by a global downturn. The new investment has been made following a record-breaking year for Geoquip in which the company presided over a 100 per cent increase in turnover and a 50 per cent increase in profit and will be used to support ongoing forward growth plans.
As a result of the investment Njord Partners Co-Portfolio Manager Arvid Trolle will be joining the board of Directors at Geoquip with immediate effect, where he will work with Chief Executive Officer Stewart Higginson and Executive Chairman of the Board Andrew Wright.
Stewart Higginson is openly excited about the investment and its implications for the future of the business. "This is a highly significant development for Geoquip Marine and is something we have earned due to the skills, diligence and commitment, especially from all our employees over recent years," he comments.
"It is no secret that the oil and gas sector has been hit hard in recent years and has been turbulent globally over this period. Njord Partners stepped in to assist the company with financing at a time when we had been affected by this and since then have seen us grow the business at a phenomenal rate, working with some of the most recognisable international brands in our target markets, including ConocoPhillips, Exxon Mobil, Saudi Aramco and pre-eminent offshore windfarm developers. The investment is a recognition of this sustained period of trading success and will be used to assist us in securing continued growth on a global basis, not just in the reinvigorated oil and gas market, but also the equally crucial renewable energy sector."
Arvid Trolle is equally optimistic about the future of the business. "Njord Partners provides bespoke financing to a wide range of businesses and we always take a constructive partnership approach with management teams, focusing on creating value in portfolio companies through strategic and operational enhancement programs. From the beginning we have been impressed with the skills and innovation evident throughout the business and the acumen and commitment of its employees and management team. The level of growth the company displayed in the last financial year really sealed the deal for us and quite simply forced our hand in taking a majority stake in the business. It is a testament to the professionalism and energy of the entire business, from top to bottom, that this has been achieved in such a short timescale and we made the decision that we wanted to be involved long term in this success story by taking a significant stake in it."
"On a personal level I am very excited to be taking a seat on the Board of Directors and being actively involved in the growth and development of the company as we look to expand its remit on a global level."
Andrew Wright, Executive Chairman of the Board of Directors and founder of Geoquip Marine commented, "it is with great joy I see the company yet again thriving after a few very tough years during the crisis period. I am immensely impressed with our employees' hard work and continuous efforts to deliver best in class service and solutions to our customers. Through the investment by Njord Partners the company receives a strong, long-term oriented majority owner, which we already have a lot of experience in working with, and whose interest is truly aligned with the company and other stake holders. Our journey continues and through this transaction enters the next exciting phase!"