Global integrated engineering services group EnerMech team has been recognised in a private equity sector awards ceremony.
The Aberdeen-headquartered company was named as a winner in the Scotland Management Team Awards organised by the British Private Equity & Venture Capital Association (BVCA).
Run in association with Grant Thornton, the awards recognise the highest performing UK companies that are backed by private equity and venture capital. EnerMech chief executive officer, Doug Duguid, collected the Large Company Management Team award at an awards ceremony at Edinburgh’s Balmoral Hotel.
BVCA judges heard how EnerMech’s buy-and-build strategy, combining organic growth with selective acquisitions, had transformed the business from a small start-up equipment rental business 10 years ago, into a global enterprise which provides critical asset integrity and operations and maintenance support to the energy and infrastructure sectors across the full asset lifecycle.
Backed by private equity investor Lime Rock Partners, EnerMech’s broad suite of mechanical, electrical and instrumentation services allows it to provide a unique integrated offering to major international companies and in 2017 generated turnover of £365 million and EBITDA of £43 million, with 2018 revenues forecast to be in the region of £450 million.
The judging panel said: “This market leading growth has seen EnerMech significantly outperform the market over a 10 year period that included not only the global financial crisis but the worst ever prolonged oil and gas industry downturn.”
EnerMech CEO, Doug Duguid, said: “I am delighted that our vision of creating a sustainable, long-term business, which employs 3000 people in 40 locations, has been recognised.
“We will continue to make significant investment in systems and in our people to ensure the business runs efficiently and reaches its full potential. Our ambition is to grow the business to £1.2bn of revenue in the next five years and that will be done by harnessing the proven strategy of organic growth and carefully-selected acquisitions.
“Continually delivering a high quality of service in heavily regulated sectors has been key to our success in entering new markets and geographies and we will replicate that model to achieve the next phase of our growth story.”