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Inflexion backs the buyout of PD&MS Energy

Inflexion has completed the secondary buyout of PD&MS Energy. PD&MS Energy is a fast-growing, specialist provider of Engineering, Procurement and Construction (EPC) services for the global oil and gas industry, serving drilling, production and marine sectors. The company ranked 2nd in The Sunday Times HSBC International Track 200, published at the weekend, which ranks Britain’s private companies by fastest-growing overseas sales.

Founded in 2002 by its current management team, PD&MS Energy operates in an attractive, growing, niche market with few direct competitors. Its core capability is ‘brownfield’ design engineering services, utilising sophisticated project planning and design software tools to service drilling and production operators throughout the oil and gas market. With established operations in the North Sea and more recently Azerbaijan, PD&MS Energy has embedded customer relationships with major blue chip operators such as BP and CNR.

The oil and gas industry continues to provide growth opportunities for niche players driven by a combination of the ageing infrastructure of the installed base and a need to invest in enhanced recovery techniques to exploit diminishing natural reserves. PD&MS Energy specialises in creating scalable solutions to extend asset working life and drive innovative infrastructure upgrades.  With core revenue growth in excess of 20% p.a. and an impressive track record of client retention and new client wins, PD&MS Energy is extremely well-placed to capitalise on this market trend.

Inflexion’s investment will enable PD&MS Energy’s management to continue building on its impressive track record, accelerating international expansion, targeting complimentary bolt-on acquisitions and developing its sales and marketing capability. As part of the buyout, Inflexion has introduced Alan Proctor as Senior Non-Executive Director. He has held board positions with a number of global infrastructure companies and is also currently Chairman of Rhead Group, an Inflexion investee company.

Simon Turner, Managing Partner at Inflexion said “We’ve been tracking this business for a number of years; attracted by its ambitious management team and the global market opportunity. We’re excited to be investing in a sector that Inflexion knows well. With our previous experience, gained through investments such as Viking Moorings, SMD and Rhead Group, we see significant opportunity to support PD&MS Energy’s international growth strategy.”

Simon Rio, CEO of PD&MS Energy said “We are delighted that Inflexion is investing in the next stage of PD&MS Energy’s development. The investment, credentials and experience Inflexion brings will allow us to further enhance our offering to our existing client base as well as helping us drive growth in the North Sea and internationally.  Our growth plan and strategy is underpinned by management’s commitment to retain the same core values and culture which has undoubtedly been key to what the business has achieved so far, which will allow us to replicate our current success on a more global scale.”

The acquisition process was led by Catherine Richards, Tim Smallbone and Edward Fraser.