HSBC fuels growth at Air Energi with support for Secondary Management Buyout
Friday, Oct 05, 2012
HSBC’s Leverage Finance North team and the Manchester-based Corporate Banking Centre have provided total debt facilities of £61.5m to support the Secondary Management Buyout of Air Energi Holdings Limited, in a deal backed by private equity house LGV Capital.
Founded in Manchester over 30 years ago, Air Energi is an international recruitment business supplying trusted technical expertise to the oil and gas industry. Today it has grown to have a presence in over 30 countries and is one of only a handful of businesses providing oil experts and complete teams on a global scale. HSBC has been the sole bank providing facilities to Air Energi across the globe since 2010.
Alan Rigby, HSBC’s Head of Corporate Banking in the North West, said: “We have been working closely with Air Energi since becoming its primary banking partner in 2010, adding value by using our international footprint to ensure we’re providing the most efficient cash management and debt facilities to the business on a global scale. The funding in support of today’s secondary management buyout reflects our confidence in both the Air Energi senior management team and the business’ future prospects for sustainable business growth.”
Ken McPherson, Financial Director at Air Energi Group, said: “Given Air Energi now operates in over 50 countries it’s critical that our banking support reflects our international reach and our ambitious growth plans. HSBC has worked closely alongside the business in tailoring an appropriate debt package for today’s transaction, and we’re looking forward to working with the bank to continue improving the service delivery to our global client base.”