Engineering firm Nucore Group, of Aberdeen, has unveiled plans for investment in its workforce and rental fleet as well as a new office in Dundee, following a refinancing.
Beechbrook Capital, a London-based specialist fund manager focused on investments in small and medium-sized businesses across northern Europe, has joined private equity firm Lonsdale Capital and senior management as shareholders.
Financial details of the deal giving Beechbrook a stake and the size of the respective shareholdings were undisclosed.
But it is believed the investor has ploughed in a seven-figure sum.
A restructuring of Nucore has seen its Oteac and HVAC & Refrigeration Engineering (HVAC&RE) subsidiaries combined and integrated under the group brand. Mark Fraser, Nucore’s chief financial officer for a spell before becoming chief executive in 2019, led the restructure and refinancing and stepped down at completion.
Nucore supplies engineering products and services for hazardous environments in the energy industry globally.
It was created in 2016 following the acquisitions of fire and safety engineering company Oteac and heating, ventilation, air conditioning and refrigeration specialist HVAC&RE by Lonsdale.
Nucore said the refinancing would deliver investment in people, research and development (R&D), systems and its rental fleet to support growth and diversification into new sectors and geographical markets.