1. ‘
Oil & Gas services
Grant Thornton brought a wealth of experience and enthusiasm to the
transaction. Their management of the process generated huge levels of
interest and achieved a fantastic result for everyone involved, which will give
the business a great platform for further expansion in the UK and
internationally.
Ed Weeks
Chairman
Advanced Insulation plc
Background to deal
Advanced Insulation plc (AI) is the
world's leading supplier of high performance
insulation and fireproofing services to the
offshore oil and gas industry across the
world. Based in Gloucester, the business has
expanded rapidly, having grown sales from
£3 million in 2008 to £20 million in 2013.
With this substantial growth already
achieved and with opportunities for further
rapid expansion identified, the Board of
directors decided it was the right time to
bring in a minority private equity (PE)
investor to help the business convert the
array of opportunities available to it.
The Board were also keen to incentivise
members of the senior management team
who did not have a stake in the business. A
PE deal was seen as the best route to
achieving both of these objectives.
Solution
Having initially proposed a PE solution to
the shareholders, Grant Thornton were
appointed to find the right PE partner to take
the business to its next phase of growth.
Grant Thornton worked with the
shareholders to generate significant interest from
potential PE buyers, before managing a three
stage bidding process which sought to secure a
deal that achieved the parallel objectives of
securing the right value for the exiting
shareholders, incentivising the management team
and securing a PE partner, Growth Capital
Partners (GCP), for the business going forward.
How we made a difference
From the outset Grant Thornton's Corporate
Finance team were focused on delivering the
outcome that was best for everyone involved at
AI. Utilising their extensive experience of PE
transactions, Grant Thornton identified and
brought in the PE houses that were the best fit
for AI. By maintaining competitive tension
throughout the process Grant Thornton secured
a range of offers which met management’s
expectations and supported them in making
their decision to partner with GCP.
Grant Thornton's Tax team also worked
seamlessly alongside Corporate Finance to
advise on structuring the transaction and the
creation of an Employee Shareholder Scheme
(ESS) to incentivise members of the senior
management team.
Disposal to Growth Capital
Partners
Offshore oil & gas insulation and
fire proofing services
Grant Thornton provided corporate
finance advisory services
Advanced Insulation plc
£undisclosed March 2014
Our Corporate Finance team advise on Investment in Advanced
Insulation plc
