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Multi-million-pound cash injection for Aberdeeen firm Glacier Energy

BGF has taken a minority stake in the business, alongside existing investor Averroes Capital.

Glacier chairman Nick Horler. chief executive Scott Martin and chief financial officer Mark Ritchie.
l-r Glacier chairman Nick Horler. chief executive Scott Martin and chief financial officer Mark Ritchie. Image: BGF

Aberdeen company Glacier Energy is making big plans for the future following a multi-million-pound investment by BGF.

The aim is to continue the rapid growth seen in the past two years.

The energy services firm is also investing in extra manufacturing capacity and a new technician training academy.

Glacier – led by chief executive Scott Martin – has Scottish operations in Aberdeen, Methil, Stirling and Glasgow.

Elsewhere, it has bases in Blyth, Redcar and Rotherham, as well as an overseas presence in Kazakhstan.

Glacier planning new acquisitions

The company directly employs 220 people plus 20 contractors, and is currently on a drive to recruit more workers.

Announcing its investment, in return for a minority stake in the business, BGF said Glacier’s senior management team planned to pursue further strategic acquisitions.

BGF investor Richard Pugh said: “We have known Scott Martin for over 10 years and have been impressed at how he and the team have grown Glacier Energy, while also achieving success in a diverse set of high-growth markets.

“We are really excited about the scale of ambition, involving investment across multiple sites in Scotland, as well as in Yorkshire and the north-east of England.”

BGF investor Richard Pugh.
BGF investor Richard Pugh. Image: BGF

Mr Martin said: “We are thrilled to welcome BGF as a key partner in our growth journey.

“With BGF’s support and experience, we are well-positioned to accelerate our growth and further contribute to the development of sustainable energy solutions.”

Glacier Energy CEO Scott Martin.
Glacier Energy CEO Scott Martin. Image: Kath Flannery/DC Thomson

BGF’s investment comes about six months after Averroes Capital completed a buyout of Glacier for an undisclosed sum.

That deal meant an exit from Glacier for Maven Capital and Simmons Parallel Energy Fund, who had supported the business from the outset.

Nick Horler is now on board as non-executive chairman, while Mark Ritchie has joined Glacier’s senior management team as chief financial officer.

Who is Glacier’s new chairman?

Mr Horler was previously chief executive of ScottishPower.

He has also held non-executive roles with the Royal Mail, Go-Ahead Group, Thames Water, UK Power Reserve and, more recently ESP, Utilities group.

Mr Ritchie has spent most of his career in the energy sector, including spells as CFO at Aberdeen companies Richard Irvin FM and ICR Integrity, as well as Enteq Technologies.

Glacier Energy heat exchange manufacturing.
Glacier Energy heat exchange manufacturing. Image: www.scottishphotographer.com

Glacier ready for ‘the next level’

Welcoming the new recruits to Glacier’s top team, Mr Martin said: “The addition of Nick Horler and Mark Ritchie to the company’s board underlines our ambition. We have secured two of the best in the industry who will drive Glacier to the next level.”

Founded in 2011, Glacier has completed 11 acquisitions to date.

It has also been an early mover in leveraging its engineering and technical expertise to support low-carbon technologies.

Glacier Energy operations.
Aberdeen-based Glacier Energy operates globally. Image Graham Dargie

Averroes Capital, said it expected BGF’s involvement to “significantly enhance the undoubted growth prospects of Glacier”.

Simon Rowan, a partner in the London-based private equity investor, added: “The business has made large strides forward following our recent investment.

“We look forward to seeing this positive momentum continuing alongside BGF”.

BGF – launched in 2011 as the Business Growth Fund – invests in growing businesses in the UK and Ireland through a network of 15 offices. To date, it has invested £3.9 billion in more than 550 firms, making it the most active investor either side of the Irish Sea.

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