News Room
Aberdeen Asset Managers Growth Capital sells interest in ABZ Group
Aberdeen Asset Managers Growth Capital ("AAMGC" or "Aberdeen") announces the sale of ABZ Group ("ABZ") to Sovereign Oilfield Group Plc, an AiM listed provider of drilling and fabrication services to the oil and gas sector for £6 million.
The sale has generated a 3x money return for Aberdeen clients and an IRR of more than 80%, Aberdeen originally invested £550,000 in ABZ in May 2005 to support the acquisition of Labtech Services Limited.
ABZ Group specialises in the design, engineering and manufacture of onshore and offshore cabins, containers, baskets and air conditioning and refrigeration units from its purpose built workshop and facilities in Altens. The company is recognised globally for the high standards of its equipment and its ability to respond quickly and effectively to customer requirements.
Jock Gardiner, from the Aberdeen office of AAMGC, led and managed the investment for Aberdeen.
Bob Forbes, Managing Director of ABZ Group commented:
"Aberdeen has been a very supportive investor, providing valuable guidance, industry knowledge and strategic direction as well as providing investment capital to the management team at ABZ Group."
Jock Gardiner, Investment Director, Growth Capital commented:
"Bob Forbes and Andy Bruce have proved to be an excellent management team, doubling turnover and profitability of Labtech in less than two years and generating an outstanding return for Aberdeen. We look forward to working with them again in the near future."
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