HCS Secures Financing Package from RBS
HCS Control Systems, a Fife-based oil and gas sector company is targeting further growth from international clients after securing a £4.5m financing package from RBS.
Headquartered in Glenrothes, HCS is a specialist manufacturer of engineered mechanical, hydraulic and electrical systems for the subsea oil and gas sector. The company’s integrated service offering includes design, engineering, specialist welding and fabrication processes. Established in 1997, HCS has earned a reputation for delivering fast track design, manufacture and testing of topside and subsea control systems to a global blue chip customer base. The company is supported by private equity firms Maven Capital Partners and Simmons Parallel Energy who, together with Front Row Energy Partners, led a Buy-in Management Buy-out transaction (BIMBO) in 2013.
HCS CEO Brett Lestrange said: “This re-financing package will play an important part in driving forward our growth ambitions. The oil and natural gas market is at its strongest level for more than three decades with a substantial rise in global consumption. As one of a small number of companies in the global subsea sector with the required knowledge and engineering skills to meet these increasing levels of customer demands, we are ideally placed to further develop our business and delighted to be working with RBS to help make this happen.”
RBS’s support of HCS marks the 10th deal completion in 10 months for its Aberdeen based Structured Finance team. Lee Donaldson, Director of Structured Finance at RBS, said: “We have a long and successful track record of supporting private equity-backed oil and gas service companies. This deal with HCS is a further example of our strong commitment to growth businesses operating within this sector.”
Press Release, August 19, 2014