ITS Announces $55M Investment from Lime Rock Partners
Summary
The agreement provides Lime Rock with a minority stake in ITS Group in return for providing growth capital to be used to support the company’s growth aspirations as it aims to become a major global player in the oilfield drilling sector.Commenting on the funding, Bob Kidd, ITS Group executive chairman, said, “The investment strengthens our balance sheet allowing us to continue investing organically and also to pursue the acquisition opportunities that are prevalent in the current market.Lime Rock Partners has an impressive track record supporting growing companies in the sector”.Founded in Aberdeen, Scotland, in 1986 by Mr Kidd, the ITS Group has successfully expanded internationally and today operates with 25 facilities in 16 countries (including the US, Trinidad, Mexico, Venezuala, Egypt, UAE, Saudi Arabia, India, Pakistan, Singapore and China) and a workforce close to 1,100 employees.Last year, the company extended its international offering by opening three new service centres in Mexico and signed joint venture agreements with Saudi Arabia based, Shaoibi Group and Scomi Group BHD of Malaysia.
Funding
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