John Lawrie Group senior management team (L-R) - Iain Laing, Vic Sinclair, Dave Weston (front), Charlie Parker and Ray Grant
Metal reprocessing, tubular supply and decommissioning company John Lawrie Group has been acquired by its management in partnership with Rubicon Partners and Grovepoint, as it gears up to expand in the UK and USA.
Four members of the group’s management team, and existing shareholders – Vic Sinclair, CEO; Charlie Parker, financial director; Dave Weston, operations director and tubulars director, Iain Laing – have bought out the majority shareholder in partnership with industrial investor Rubicon Partners and principal investment firm Grovepoint.
Bank of Scotland and Santander have together provided banking facilities to support the acquisition.
With more than two decades of experience in decommissioning projects, a key focus for the Group will continue to be the North Sea decommissioning sector, in which an estimated £17bn will be spent over the next decade.
These growth plans will continue to be supported by environmental director Ray Grant who has been a key member of the management team since 2007. Following the acquisition, all existing staff will remain in the business.
CEO Vic Sinclair said: “The commitment of the senior management team has helped make John Lawrie the industry leader it is today. We enter this exciting new era as a financially strong and ambitious business backed by new investors who will help us drive further organic growth in both the UK and USA across all three of our divisions. We also intend to pursue new markets, including through acquisitions, in this partnership with Rubicon and Grovepoint.”
Charlie Parker, finance director, who successfully led the transaction on behalf of the executive team, added: “John Lawrie is a business with a proud past and an exciting future. We are delighted to be partnering with new investors, who have an established pedigree of working with industrial sector enterprises, to drive new opportunities and value creation. We have a clear strategy for growth and that’s good news for all our stakeholders.”