Equistone Partners Europe sells stake in PD&MS Energy

Equistone Partners Europe has sold its stake in Aberdeen-based oilfield services firm PD&MS Energy to Inflexion Private Equity.

The sale generated a 2.9-times return on Equistone’s total investment in the company.

Equistone acquired PD&MS in June 2010 by initially investing £16m. The company increased its total investment in the business to £20m by injecting an additional £4m for a majority stake.

PD&MS provides engineering, procurement and construction services for the global oil and gas industry and employs over 200 onshore personnel at sites in Aberdeen, Dundee, Great Yarmouth, Brazil and Baku, Azerbaijan. The company, which generated turnover of £47m in 2013, intends to double the size of its business by 2016.

PD&MS Energy CEO Simon Rio said the business delivers technical services and solutions tailored to its customers’ needs.

"Equistone has supported us through two rounds of investment, enabling us to strengthen our services and drive growth in both the North Sea and more recently internationally," he said.

Inflexion managing partner Simon Turner said the company was impressed by the ambitious management team of PD&MS and the global market opportunity.

"With our previous experience, gained through investments such as Viking Moorings, SMD and Rhead Group, we see significant opportunity to support PD&MS Energy’s international growth strategy."