Chris Lloyd, the former managing director of ASCO, is leading a consortium which has acquired an Aberdeen and Invergordon-based industrial cleaning and waste disposal company in a deal worth more than £6m.
The acquisition of MS Industrial Services (MSIS) is backed by Aberdeen Asset Managers Growth Capital and supported by Barclays Bank with the aim of building it into a larger international environmental services group.
It was owned by Linkfleet managing director David Skinner, operations director Jim MacAskill, and Neil McArthur, the commercial director. They will continue to work for and hold shares in MSIS.
The firm employs 35 full-time staff and works in a variety of sectors, undertaking waste management, high pressure jetting, CCTV surveys, oil spill response and environmental management services.
It supports the offshore oil and gas industry and a range of onshore customers involved in distilling, construction and utilities markets.
Lloyd, 48, stepped down as managing director for ASCO's European operations in October after 10 years with the company. He remained with the organisation on a consultancy basis until early this year.
He said the consortium was keen to find a company which would provide it with a platform from which to build an environmental services group.
"It was extremely important to identify a firm which already provides a wide range of high-quality services, delivered by highly-skilled and experienced people and which has a strong growth potential in its own right. MSIS ticked all these boxes.With MSIS being at the core, we will continually be looking at other environmental services businesses which will enable us to add value to the group, not just in the UK but also internationally.
Tom Faichnie, head of leveraged finance for Barclays in Aberdeen, said: "Barclays is developing a track record of funding oil and gas deals which create shareholder value, with Duffy & McGovern and CSL being prime recent examples. We are looking forward to working with Chris and MSIS in continuing this success."
He said the development of an environmental service group under the leadership of Lloyd was an exciting prospect. "This company will undoubtedly be strengthened under the umbrella of the consortium."
Jock Gardiner, investment director of Aberdeen Asset Managers, said: "Environmental services is a growing and exciting market, and this is an ideal time to drive MSIS forward and exploit new opportunities both at home and internationally. MSIS was a very attractive proposition with real growth potential. We have every confidence in the strong and experienced management team."
MSIS recently announced a turnover rise of 72% to £4.39m in the year to February 2007.
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