A former joint head of private-equity investor 3i’s oil, gas and power team in Aberdeen has a new job, it was announced yesterday.
Mark Kerr has joined private-equity investor LDC as a director in the Granite City to spearhead and lead its investment activity in the oil and gas sector.
His appointment follows the recent announcement that LDC – part of the Lloyds Banking Group – has committed £50million to oil and gas service technology fund Epi-V.
Mr Kerr said: “LDC recognises the significant market opportunity in the oil and gas sector and my aim over the next couple of years will be to establish LDC as a significant player in this market in Scotland.
“My appointment, coupled with the recent £50million investment into Epi-V, demonstrates LDC’s commitment to the sector.
“I am delighted to be joining LDC. They are the UK’s leading mid-market private-equity player and I see no reason why they cannot achieve a similar status in Scotland.”
Last November, 3i confirmed it had closed its Aberdeen office after having sold its last interest in oil and gas.
The firm had first set up a presence in Aberdeen in 1974 and said it had left the city as part of plans to cut back resources.
LDC chief executive Darryl Eales said yesterday: “We are delighted to attract someone of Mark’s calibre to our Scotland operation and are confident he will play a pivotal part in growing our oil and gas market portfolio. Over the past 12 months LDC has invested in excess of £330million into UK businesses and is looking to invest over £2billion in the next five years. Mark Kerr and the rest of team in Scotland can play an important role in this equation.”