Motive was founded in 2010 by chief executive Dave Acton and chief operating officer James Gregg and operates from its 30-acre site in Boyndie, Aberdeenshire. In early 2019, technology-focused EV Private Equity, invested in Motive as a platform for a buy and build strategy, and last year completed the acquisition of Stavanger-based Pumptech in a seven-figure deal.
We were delighted to provide acquisition funding to EV Private Equity backed Motive Offshore Group, specialists in the manufacture, rental and servicing of marine equipment to the onshore and offshore oil and gas and marine industries, to support the purchase of Flowline Specialists Limited.
Flowline Specialists, which was founded in 2001 with headquarters, manufacturing and storage facilities in Aberdeenshire, specialises in modular equipment used for the handling and deployment of subsea flexible pipes, cables and umbilicals across the energy industry.
Motive and Flowline have a long-standing working relationship, having operated as partners on a number of projects. This acquisition will further diversify Motive into offshore wind, power and utilities and enhance its capabilities in the North Sea and Middle East.
The company was introduced to ThinCats by Bridge and York Capital Partners, specialist funding advisors in the energy and offshore sectors.
The ThinCats team was led by Kenny Hughes, Director Private Equity and Michael Cox, Credit Partner. Pinsent Masons provided legal advice to ThinCats.
Kenny Hughes, Director Private Equity, ThinCats: “The Motive team has risen to the significant challenges in the offshore energy sector this year and the Flowline acquisition is a major step in the growth plans of the company. We are delighted to support management and EV Private Equity in this acquisition and look forward to working with them going forward.
“ThinCats has funded a number of oil and gas businesses during 2020 and with our bespoke funding solutions will continue to develop our support across the offshore energy sector.”
From the beginning of this process, both Kenny and Michael have been supportive of Motive's strategy, instantly understanding that the acquisition of Flowline Specialists further diversifies our offering, adding complementary products, services and expertise that will add value to customers