The funding package from Buckthorn, a London-based investment firm and APICORP, a financial institution established by the ten member countries of the Organisation of Arab Petroleum Exporting Countries, will allow Ashtead to further expand its service offering through both organic and acquisition led growth. The investment will also allow Ashtead to expand its geographical reach, with the Middle East a particular area of interest and focus for the company.
Since its launch in 1985, Ashtead has grown to become a leading independent provider of subsea technology and services to the oil and gas industry with a strong customer base built on trust and quality.
With offices in the UK, Houston and Singapore, Ashtead is focused on delivering cost savings and value-added services to its customers.
Allan Pirie will continue to lead Ashtead’s management team as Chief Executive Officer with Nicholas Gee from Buckthorn joining the Board as Chairman along with Bennie Burger from APICORP.
Following this transaction, Phoenix Equity Partners remain as investors with a minority stake in the business.
Liberty Corporate Finance provided management advice to Allan Pirie, CEO and the Ashtead management team who re-invested in the business.