25.03.2008

Energy Cranes International for sale

Aberdeen-based Energy Cranes International has been put up for sale by its private-equity owner, LMS Capital, at a price of £100 million.

Close Brothers Private Equity is understood to be in advanced talks to acquire the company which is a leading offshore crane and mechanical handling contractor supporting the oil and gas industry.

There is high demand at the moment from investors in companies serving the energy industry, which is booming on the back of record oil prices.

Soaring demand for its services has led to Energy Cranes becoming one of the fastest-growing private-equity-owned companies in Britain. Profit increased by 33 percent in 2008 as sales reached nearly £100m.