HCS Control Systems (HCS), a Glenrothes, Fife, UK-based specialist manufacturer of engineered mechanical, hydraulic and electrical systems for the subsea oil and gas sector, received an £8.5m investment.
Maven Capital Partners invested in the company via a Buy-in Management Buy-out transaction (BIMBO) alongside the Simmons Parallel Energy Fund. Maven and Simmons have each provided £4.25m of equity funding. An additional investment came from Front Row Energy Partners, a consortium of upstream industry specialists which invests in high quality energy service companies.
HCS intends to use the funds for business growth expanding into new overseas markets.
Established in 1997 and today led by Brett Lestrange, CEO, Business Development Director Tony Kitchener, COO Kenny Balfour and a CFO Neil McGuinness, HCS provides an integrated service offering which includes design, engineering, specialist welding and fabrication processes. The company is now opening of an Aberdeen base,
Its global blue chip customer base includes GE, Cameron, Schlumberger and Expro.