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New for old private equity investor at north-east energy services firm

Dave Acton, chief executive Motive Offshore.
Dave Acton, chief executive Motive Offshore.

Private equity firm H2 Equity Partners has taken an undisclosed stake in Aberdeenshire company Motive Offshore after replacing another investor in a multi-million-pound deal.

Motive – which specialises in engineering, inspection and rental equipment for the global energy sector – said the deal supported its international growth plans and ambitions, which include it generating 75% of all revenue from renewables by 2025.

Chief executive Dave Acton said: “We’ve grown our business extensively over the last three years and this trajectory is only accelerating, so collaborating with the right partner to meet this incline is paramount to our success.

Global wind projects supported = 23

“We’re delighted to add further investment to both our people and products with the support of H2 Equity Partners, continuing to provide opportunities for our dedicated teams and innovative solutions for our customers.

“Part of this will include increasing our renewable portfolio. We currently support over 23 global wind projects and, excitingly, that number is increasing rapidly.”

Motive Offshore is growing its work in renewables.

The change in private equity investor adds two members from H2 to Motive’s executive board, alongside Mr Acton and fellow directors James Gregg and Declan Slattery.

Motive, which is based in Boyndie, near Banff, announced a cash injection from EV Private Equity in March 2019.

Since then, the firm has made significant acquisitions and grown its workforce to around 200 people, with turnover increasing by more than £10 million in 2020-2021.

We set a bold plan to grow the business both organically and through mergers and acquisitions.”

Tomas Hvamb, partner, EV Private Equity.

Commenting on EV’s exit, Tomas Hvamb, a partner in the Norwegian group, said: “It’s been a privilege to work with the Motive Offshore team since we partnered in 2019.

“We set a bold plan to grow the business both organically and through mergers and acquisitions.

“Dave, James, and the team have delivered on the plan and it’s good to see the investment H2 Equity Partners has made in Motive as the company embarks on the next stage of its growth.”

One of Motive Offshore’s hydraulic drum winches.

H2’s interests in the north-east also include a stake in Aberdeen-based ship repair and maintenance company Dales Marine Services.

Patrick Kalverboer, managing partner of the London and Amsterdam-based private equity firm, said: “We’re excited to invest in Motive and support Dave and his team to deliver an exciting and ambitious growth strategy. In particular, we see a significant opportunity for the business to leverage its best-in-class offering to accelerate its growth globally and build its share in renewables.”

The deal was brokered by energy industry finance specialist Piper Sandler, whose director, Ross Atkinson, said: “It’s great to see significant capital being provided by firms like H2 to businesses like Motive, who have the ambition, the team and now the right investment to prosper in the competitive global renewables market.”

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