A management buyout at Crondall Energy has seen a large proportion of members of its team take an ownership stake in the independent offshore energy consultancy.
Founded in 2001, Crondall Energy provides strategic, commercial and technical services for offshore energy projects in the UK and around the world, specialising in floating and subsea facilities. The business has a 55-strong workforce based in Southampton, Aberdeen, London, Glasgow, Newcastle, Singapore and Houston.
The leadership team at Crondall Energy has long favoured shared ownership of the business as a core component of its ethos; prior to this transaction, 18 directors and employees held shares or options. The MBO sees founder Duncan Peace retain a minority stake in the company as he prepares to retire from full-time executive involvement, whilst retaining a Non Executive position on the Board. Led by Managing Director Anna-Louise Peters, 29 staff now own a share of the business as it embarks on the next stage of its journey.
Anna-Louise Peters said: 'This is an incredibly exciting and natural next step in Crondall’s evolution. The management team has seen an opportunity to continue the Crondall Energy brand and legacy, capitalising on the fantastic culture and working environment we have created, and continue our development as an independent consultancy firm. We believe that the current market environment creates real opportunity for further growth, particularly in the energy transition and renewables spaces, and that has the potential to create exciting career and development opportunities for the whole team, alongside return for the shareholders.'
Duncan Peace said: 'I am delighted that the future of the Company remains in the hands of the management and employee shareholders. The management team under Anna-Louise have shown outstanding leadership both in the development of the business over the last few years – and in the implementation of this MBO. The business is now well positioned to continue the growth journey and deliver on our diversified energy strategy. I look forward to continuing to support the management team through my continued participation on the Board.'
PKF Francis Clark acted as lead advisors on the management buyout (MBO) process, including feasibility studies, securing funding and deal structuring. The MBO was funded by a flexible debt facility from ThinCats, with legal advice provided by Foot Anstey.
Source: Crondall Energy
