Nucore Group pursues growth and diversification plans following restructure

Source: press release, 11 June 2021

Nucore Group – engineering solutions for hazardous environments in the energy industry globally
Nucore Group – engineering solutions for hazardous environments in the energy industry globally (photo: Nucore)

Aberdeen headquartered Nucore Group has completed a restructure and refinancing deal which has attracted fresh investment to pursue its ambitious growth strategy.

With the continued support of Beechbrook Capital, the specialist engineering company, which provides safety products and services for hazardous environments, will be investing in people, R&D, systems and its rental fleet to support its growth and diversification into new sectors and geographical markets.

Having created 17 new jobs in recent months, including apprenticeships and graduate roles, Nucore Group will continue to hire as it opens a new office in Dundee and targets opportunities in the renewables sector and in Australia and Africa.

The restructure is the culmination of an integration and re-branding programme to position Nucore Group as a leader in engineering solutions for hazardous environments in the energy industry globally.

Combining the knowledge, expertise and best practice of both OTEAC and HVAC, Nucore Group provides safety critical products, services and support from design, manufacture and maintenance to installation and commissioning.

Mike Bryant, an operating partner introduced by Beechbrook, has joined the business to drive the new phase of growth. He says, “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,” Bryant adds.

Chief Executive Mark Fraser led the restructure and refinancing and stepped down at completion.

Beechbrook join Lonsdale Capital and senior management as shareholders of the business.

Beechbrook Capital, a specialist direct lender founded in 2008, invests in SMEs across a range of industries in the UK and across Europe. To date, it has invested in 75+ companies in the European lower mid-market. The Beechbrook team consists of 20 plus investment professionals located in London, Frankfurt, Cork, Manchester, Birmingham and Dublin.