London – LAWFUEL – DLA Piper has acted on behalf of a club of Banks comprising The Royal Bank of Scotland plc, HSBC Bank plc, Barclays Bank PLC and Lloyds TSB Bank plc in connection with their provision of debt funding for the management buyout of The Energy Cranes Group of Companies which has been completed by Close Brothers Private Equity for an enterprise value of £142,000,000.
The Energy Cranes Group has substantial operations in the UK, US and Scotland and provides a wide range of crane related services to the offshore oil and gas industry. Growth has been through organic development and through strategic acquisitions both in the Gulf of Mexico and in the North Sea and the Company has a presence in many further locations including the Caspian, the Middle East, West Africa, Brazil and Asia Pacific employing in excess of 1700 people.
The DLA Piper team was led by banking partner David Miles and supported by Tamsyn Mileham and Ewen Scott with advice/support being provided through our US and Scottish offices with Jennifer Homer and Jim Martin assisting.
David Miles, commented: “The team were particularly pleased to get this one over the line given the relatively complex structuring aspects of the transaction and look forward to working in the future on the transaction in support of the Group in its various acquisitions.”