Management Buy Out at Northumberland based Site and Field Services
A Northumberland-based engineering supplier to the oil and gas industry plans to grow following a management-buy-out (MBO).
Site and Field Services (SAFS), which has headquarters in Ashington was recently acquired in an MBO by John Thompson and Mark Berry, who bought the company from retiring director Peter Tighe. SAFS is a well-respected North-Eastern welding fabrication and CNC machining company with an excellent track record.
John Thompson has been MD at Site and Field since October 2018, while Mark Berry has been working as a consultant to the business. John previously owner of Moffat 2000, brings to SAFS his experience of the offshore construction sector. He hopes to grow the business by securing contracts with oil and gas majors and blue-chip offshore construction contractors as well as developing new and innovative products for the industry.
The business provides engineering services to the oil and gas industry and employs more than 45 employees.
The MBO was supported by MHA Tait Walker who aided the team throughout with forecasting, financial negotiations and project management. HSBC UK also supported John and Mark by providing the funding required to take ownership of Site and Field Services – and legal advice throughout the MBO was provided by Square One Law.
Site and Field Services John Thompson said: “I have worked with and have admired Site and Field Services for many years. When the opportunity to acquire the business presented itself, Mark and I jumped at the chance to buy the company. We have a fantastic team here with second to none capability and I am excited about the possibilities to develop and grow the company at a time when North Sea oil and gas market is starting to see good levels of investment after many years of downturn”.
John Hammill, corporate partner at North East commercial law firm Square One Law, said: “John and Mark have a wealth of experience in the engineering industry and their leadership will no doubt drive the expansion of Site and Field Services whilst enhancing the company’s current reputation for providing high-quality products in a timely manner.”
Martin Glaholm, Business Banking Relationship Manager, HSBC UK said:
“We were thrilled to support John and Mark with the growth of their long-standing business. This deal further enhances the company’s visibility and position in the North East and we look forward to seeing the business flourish in the engineering market over the coming months.”
Steve Plaskitt, Partner at MHA Tait Walker, said:“We were delighted to have acted for John and Mark as part of this important deal. Having worked with them both through a number of projects, including the sale of Moffat, it’s great to see them now as owners of Site and Field. We would like to wish the team all the best for the future as they move forward with their new business.”