ABERDEEN-based Nucore Group, the engineering company that provides solutions for hazardous environments, has expansion in its sights after completing a restructure and refinancing deal that led to the exit of chief executive Mark Fraser.
Beechbrook Capital, a specialist lender to small and medium-sized enterprises, has taken a stake in the business and drafted in Mike Bryant to lead Nucore following the departure of Mr Fraser, who led the restructure.
The value of the investment was not disclosed, but it was understood to be a seven-figure sum.
Nucore has opened a new office in Dundee and is targeting growth in the renewables sector, as well as moves into Australia and Africa. It is hoped the new Dundee office will help it win orders from the renewables sector, with the extension of facilities at the city’s port.
Nucore currently has around 130 staff, who are largely based out of Aberdeen. The company declared that it is looking to recruit people in apprenticeship and graduate positions after securing the investment from Beechbrook.
The restructure follows a move by the company late last year to unify its OTEAC and HVAC subsidiaries under the Nucore brand. It provides safety-critical products, services and support – from design, manufacture and maintenance to installation and commissioning
Mr Bryant, most recently chief executive of Formaplex said: “This restructure and investment means that Nucore is well-funded and well-placed for growth. It builds on the progress already made in integrating the products, services and synergies of the group’s businesses to deliver innovative engineering solutions that give us a competitive edge.
“As we diversify into new geographic markets and into new sectors, we’ll be investing in the building blocks for growth, be that more people, enhanced systems, R&D as well as our rental fleet.
“There are exciting opportunities ahead and we’re committed to playing our role in the energy transition and actively seeking to transfer our decades of oil and gas experience and know-how into renewables and new markets overseas.”
In addition to Beechbrook, Nucore shareholders include senior managers and Lonsdale Capital.