Clydesdale Backs Buy-out at Oilfield Services Company

Clydesdale Bank has completed a management buy-out at Gas & Oil Technology (G.O.T) based in Aberdeen.  GOT, which supplies the onshore and offshore oil and gas industry with high quality procurement services, has completed a multi-million transaction which sees one of the three directors take overall control of the company.

With support from Clydesdale, Warren Anderson has purchased the entire share capital from the other directors – Terry Henderson and Graeme Olley. The 31 year old, who has been with the company for thirteen years will now lead GOT, building on the current buoyant oil and gas services market.

From its base at Aberdeen Harbour, GOT offers a full range of mechanical, engineering, safety and maintenance products to the onshore and offshore oil and gas industry which reduce complexity and costs in the supply chain. Established in 1992, the company currently turns over £12million and has a workforce of xx.

Director, specialist and acquisition finance at Clydesdale in Aberdeen, Jamie Ritchie, said: “GOT has experienced continued growth since establishing in the early nineties when supply chain management was a crucial issue in dealing with almost $10 oil. In today’s $130 oil climate when both people and equipment costs are soaring, supply chain management is still critical to the competitiveness of the UKCS. GOT has excellent prospects for sustainable organic growth and is well positioned to capitalise on the current market conditions.

“It is very satisfactory to help a young entrepreneur on his way. With Terry and Graeme close to retiring, Warren had an ideal opportunity to take overall control.”

Commenting on the transaction, Warren Anderson, added; “This is the first time I have been involved in this type of deal and I am glad to have had the Clydesdale Bank beside me all the way, their advice and responsiveness have led to the successful completion of the deal. I am also delighted that Terry and Graeme will still play an active role in the business, advising me and ensuring that there is no loss of continuity in the business.”

Johnston and Carmichael were advisers to Mr Anderson on the deal.

Issued on behalf of the Clydesdale Bank by The BIG Partnership. For more information, contact Zoe Corsi on 01224 578172 or 07973983243