[Context: On December 22, ROVHOLD Limited announced that it had retained Simmons & Co. to assist with securing a capital investment from Blue Water Energy. Blue Water appears to have joined existing investor Business Growth Fund. ROVHOLD designs undersea remotely operated vehicles. Further details, advisors and related links are below.]
Simmons advises on ROVHOLD Limited on a recent transaction
December 22, 2017-ROVHOLD Limited (trading as ROVOP), a portfolio company of Business Growth Fund (BGF), has secured a growth capital investment from Blue Water Energy. The funding has enabled the company to immediately increase its fleet by 50% to 24 ROVs with the new assets being acquired from Tidewater in Houston. The investment will also be used to fund further growth for the business.
Headquartered in Aberdeen, UK, with additional facilities in Houston, USA, ROVOP is an independent provider of subsea remotely operated vehicle (ROV) services. ROVOP works across the oil and gas, offshore wind, telecoms and power transmission industries.
BGF was established in 2011 and focuses on UK based small and medium sized businesses. Backed by five of the UK’s main banking groups – Barclays, HSBC, Lloyds, RBS and Standard Chartered – BGF is an independent company with up to £2.5 billion with which to make long-term equity investments.
Blue Water Energy is a London-based private equity firm focused exclusively on the mid-market energy sector.
Simmons & Company International® | Energy Specialists of Piper Jaffray® served as corporate finance advisor to ROVHOLD Limited in this transaction.