Rapidly expanding energy, engineering and process industries specialist, the px Group, has secured a significant new investor.
Blue Water Energy (BWE), a leading global energy private equity firm has taken a controlling stake in the business.
The agreement provides access to capital for further investment by the Stockton-on- Tees headquartered px, which has enjoyed significant growth over the past few years.*
The management team, headed up by CEO Ian Clifford, all other px staff and operations throughout the UK and abroad continue unaltered.
With over 400 employees, px provides operations and maintenance (O&M), engineering and energy trading and management services to owners of large-scale energy and process infrastructure assets in the European market.
Its customers include energy and utility companies, financial investors and governmental authorities. Just last month the company commenced a long-term O&M contract at one of the UK’s largest gas processing terminals at St. Fergus, near Aberdeen.
Ian Clifford said: “We are delighted to have secured the backing of BWE at a time of tremendous potential for the company. There is an excellent fit between our business strategy and BWE’s expertise and investment model. This support will significantly enhance our ability to take advantage of opportunities available in the current market.”
Graeme Sword, partner at BWE, which is London based added: “We expect a significant transition in the ownership of midstream and power generation assets across Europe over the coming years. px’s track record in operating high complexity energy assets, its customer-focused and flexible commercial strategy and its fully integrated service offering well place the company to be a significant participant in the independent energy sector as the size of the market increases.”
Christopher Picotte, an experienced energy and private equity professional, who took an equity stake the px Group in 2013, will remain as non-executive chairman and is co-investing with BWE in the transaction.