An offshore engineering firm has received a six-figure investment to help it expand just seven months after completing a management buy out.
Newcastle-based Quanta Fabricom was previously a subsidiary of French energy group Engie until the company was acquired by director Nick Oates last November.
The company - which specialises in engineering and construction services for the oil and gas industry - is now gearing up for a major expansion after securing a six-figure sum from the North East Growth Capital Fund.
The cash is being used to drive the firm’s growth, which is already well under way.
Since its MBO, Quanta Fabricom has expanded its operations in Aberdeen by moving into a new premises at Arnhall Business Park, in Westhill. The company expects to employ 30 people at the site.
Mr Oates said: “The management buyout, the change in name and identity and the opening of our Aberdeen office marks a defining moment for Quanta Fabricom and will help us to improve our operations following a strong year of growth.
“We have built a strong reputation within the oil and gas industry as a leading EPC provider to operators within Europe, and as the business has grown, so too has our service offering. The evolution of our brand and company values have been developed to ensure we can continue to deliver an agile and proactive service within the oil and gas industry.
“We pride ourselves on developing strong relationships with our partners and, together with the opening of our new Aberdeen office and the launch of our new brand, we are looking to the future with ambition and high expectations.”
Most Read
The North East Growth Capital Fund was designed to create around 790 jobs in more than 70 companies across the region. Through the programme businesses can gain unsecured investments of up to £500,000.
Jane Siddle, investment executive at NEL Fund Managers, said: “Quanta Fabricom is a very highly regarded business with a strong market position and our investment will help provide the resources it needs to make even more progress.”
During the company’s MBO, Quanta Fabricom was advised by Muckle LLP and Tait Walker. Corporate lawyers Stuart Grieve, Andrew Davison and Anthony Evans, from Muckle LLP, advised Mr Oates, alongside Michael Smith and Graham Dotchin from Tait Walker.
Mr Grieve said: “It was great to work with Nick and his team on this buyout, which is a fantastic development for both the North East of England and the Aberdeen oil and gas industry.
“Quanta Fabricom has been a dedicated specialist in its field for 30 years and I know this deal has already created great growth opportunities within the business. I’m looking forward to seeing them realise that potential and I’m sure it will be an exciting journey for everyone connected with the company.”