News Room
June 2008
Aberdeen Asset Managers Growth Capital invests in Nessco Group
Aberdeen Asset Managers Growth Capital (“Aberdeen”) has led the management buy-out of Nessco Group (“Nessco”), a leading telecommunications services provider to both energy and general industrial markets. The Aberdeen-led syndicate invested £4m in the business (including £1.25m from co-investment partner Scottish Venture Fund). Clydesdale Bank provided debt facilities for the transaction.
Established in 1979 and led by managing director, Tom Smith, Nessco provides a range of telecommunications services to a wide range of blue-chip energy clients around the world from its purpose-built headquarters in Aberdeen and offices in Glasgow, Edinburgh, Reading, Baku and Rio de Janeiro. The £20 million turnover business now boasts a workforce of 140.
Tom Smith and his colleagues Austin Davidson and Bill Fraser all remain significant shareholders in Nessco Group Holdings Limited and are committed to an ambitious growth strategy which includes further internationalisation, continued support to the North Sea industry and other UK development projects.
Local businessman, Bob Forbes whose businesses have been backed by Aberdeen, has been brought in as non-executive director to provide strategic input as the business drives forward its ambitious growth plans.
Tim Smith, Managing Director of Nessco Group, said:
“This cash injection by Aberdeen will enable us to speed up our planned investment in people and technology so that we can capitalise on the international opportunities available to us in the energy and other sectors. We identified Aberdeen as the best partner to finance our continued growth and are delighted to welcome Bob Forbes to the management team. They have a real understanding of our business and share our ambitions.”
Jock Gardiner, Investment Director, Growth Capital, Aberdeen said:
“This is a very attractive investment for us. The strong management team, led by highly respected Tom Smith whom I have known for many years, has already built up a profitable business and our equity funding will enable them to fast-track the next stage of growth.”
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