Portfolio
Nature of Business
RBG provides “life of field” services in construction support, fabric maintenance and related services to the international oil, gas & petrochem markets. It is one of the largest independent UK-based oil and gas services companies.
Whilst focused primarily on the North Sea, RBG has international operations in the Caspian Sea region, with countries such as Kazakhstan and Azerbaijan, the US, Trinidad & Tobago, Africa and in the Middle East.
Investment Overview
RBG has grown rapidly since being created through the merger of Rigblast, McGregor Offshore and Mach-ten in December 2004 – a merger facilitated by 3i, which was already an investor in two of these businesses (Rigblast and McGregor). Working with management, a further company, Core Technical, was acquired in October 2005 and has subsequently been integrated.
Since the consolidation of these businesses, RBG’s turnover has grown from £136m in 2004 to over £300m in 2010. Over the same period EBITDA has risen from £8m to £24m. The company continues to perform strongly.
In 2009, we introduced a new CEO, Dave Workman, to the business sourced from our oil & gas network following the retirement of the previous CEO. We have also restructured the board including Kevin Lyon, again sourced from 3i's Business Leaders Network.
In 2011, we sold our stake in RBG to Stork Technical Services Holding B.V., ending a very successful partnership that had seen the business expand in established markets as well as capitalising on opportunities in new markets
