A north-east businessman has led a management buy-in at Aberdeen-based Walker Technical Resources (WTR) with a multimillion-pound investment.
Willie Rennie became chief executive and principal management shareholder of WTR, which specialises in composite repairs for the oil and gas industry, following the completion of the deal on Monday.
Aberdeen Asset Managers Growth Capital and Clydesdale Bank have provided funding for the transaction. Mr Rennie – who has held senior management positions at international energy service company RBG and global logistics specialist ASCO – is supported by local businessman Bob Forbes, who will become a non-executive director and shareholder.
WTR was founded in 1992 by John “Tiny” Langler, who will act as a consultant to the business for three years and will also retain a shareholding.
The other principal shareholder was managing director Graham Birnie, who is to remain with the company for one year as commercial director.
The company employs 30 people at its Bridge of Don base in Aberdeen but the new management team will be increasing this by 10 in the near future. Plans are in hand for the expansion of the existing office and warehouses to accommodate growth.
WTR also has 500 people worldwide at oil and gas companies and industry contractors trained in its technology.
Mr Rennie said: “I am delighted to be leading this successful and exciting business into its next phase of growth, both organically and by acquisition.
“The WTR management team and staff have developed an excellent business with a truly global footprint, innovative product and service range and award-winning safety and quality performance.
“The business provides a great platform for substantial growth.
“Our focus is to continue to maximise WTR’s potential as a provider of niche integrity management services, products and technology to meet increasing global demand.”
Jock Gardiner, investment director of Aberdeen Asset Managers, said: “We are long established backers of local businesses in the energy service sector and are delighted to be investing in Walker Technical.”
WTR provides engineered composite pipe and pipeline-repair services to the global oil and gas industry plus the water, defence, power and other industrial sectors.