Offshore geotechnical engineering and drilling company Geoquip Marine has attracted an investment from specialist investment fund Njord Partners.
Geoquip said on Monday that the investment follows a record-breaking year for the company in which the company saw a 100 percent increase in turnover and a 50 percent increase in profit.
According to the company, the investment will be used to support Geoquip’s ongoing forward growth plans.
This was not the first time Njord Partners made an investment into Geoquip. Namely, the investment fund 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.
Geoquip CEO, Stewart Higginson, said: “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 […].
“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.”
Also, Geoquip said that Njord Partners’ co-portfolio manager Arvid Trolle would be joining the board of Geoquip with immediate effect. As part of the board, he will work with Higginson and executive chairman Andrew Wright.
Trolle said: “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.
“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.”
Wright added: “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 stakeholders.”