Centurion Group Acquires Aleron Limited
07.01.2022Centurion Group has successfully acquired Aberdeen based Aleron who design and manufacture specialized subsea equipment for sale and rental to the subsea energy, decommissioning, telecoms and offshore wind markets.
The Group is well positioned to enhance its position as a global leader in the supply of critical rental, infrastructure and support services. The Group expects to benefit from the upcoming OFS recovery, the energy industry decarbonization initiatives, the growth in the mineral resources sector and the growth of the renewable energy industry.
Centurion has previously been funded by a seven-strong syndicate of banks including: HSBC, Wells Fargo, ATB Financial, Royal Bank of Scotland, Clydesdale Bank, Iberia Bank and Amegy Bank. As part of this extension to the facility, two new Canadian banks, RBC and TD Bank have joined, whilst existing funders Royal Bank of Scotland and Clydesdale Bank have both increased their commitments.
All existing banks have approved an extension from December 2022 to December 2024, giving Centurion further flexibility for the next 3 years.
Euan Leask, Chief Financial Officer, said:
“We are extremely pleased to have successfully extended our revolving credit facility with our existing bank group and to have attracted two new banks. The latest facility extension further strengthens the Group’s available facilities and is a vote of confidence in Centurion’s business and strategy. The new facility gives us over $150m of firepower, putting us in a strong position to capitalise on growth opportunities as our markets and customers continue to improve.
The Group is focussed on continuing to build a highly integrated business that combines the Group’s global strengths with a strong local presence to become more globally recognised, but also more locally relevant across all its markets. Polar Septic Systems and Aleron are two great businesses that are aligned to our strategy and add technical capabilities and adjacent services to the group.”
Aberdeen, Scotland, UK