AAB Act as Advisors to Enovate Systems in the Sale to Aker Solutions
Anderson Anderson & Brown (“AAB”) are delighted to have advised long term clients Enovate Systems Limited in the sale to Aker Solutions. Aker acquired a majority stake in Aberdeen based Enovate, a leading technology company providing subsea well control equipment.…
News16th Apr 2013
Anderson Anderson & Brown (“AAB”) are delighted to have advised long term clients Enovate Systems Limited in the sale to Aker Solutions.
Aker acquired a majority stake in Aberdeen based Enovate, a leading technology company providing subsea well control equipment. The financial details of the acquisition are undisclosed however in the financial year 2012, Enovate had revenues of approximately £15m with an EBITDA of £5m.
Enovate, which currently employs 62 people, are a engineering and product provider to the worldwide energy sector, primarily to construct and supply new technologies relating to drilling BOPs, well control, well completion and well intervention operations. Enovate has developed a wide range of unique and patented components and products for use in open water work over systems, in riser work over systems, rig less intervention systems and drilling safety systems. Specific advantages are superior cutting and sealing capabilities and the unique use of complete metal to metal sealing solutions.
AAB has acted as advisors to Enovate since it was established in 2002, providing a full range of audit, tax and corporate finance services. Having assisted in the start up in 2002 and supported the company since Client Service Partner Derek Mair commented on the deal “To see Enovate grow and develop from a start up has been very rewarding and now Aker can help take the Enovate business to the next level, while the shareholders, most of who work in the company, have been rewarded for the value created in the last decade.”
Enovate founder, Jeff Edwards said “Aker Solutions is a group with significant in-house opportunities for our technology and with access to Aker’s infrastructure and resources our capacity and ability to serve clients internationally will be enhanced”. Jeff and the current management team will continue to work for the company with Jeff assuming the role as Chief Technology Officer.
Burness Paull & Williamsons LLP acted as legal advisors to Enovate on the sale, having advised the company since incorporation.
Tony Kitchener, of Frontrow Energy Partners worked closely with Jeff and was instrumental in initiating and project managing the deal on behalf of Enovate.