Member News - TIAG

A specialist industrial services group that supports the global oil and chemical industries has been acquired in an MBO funded and advised by Midlands professionals. Based in North Lincolnshire, Cat Tech International has operations in Sweden, Bulgaria, Singapore, Thailand and China. The group focuses on catalyst handling services for oil refineries and petrochemical plants. Industrial catalysts in an oil refinery reactor help turn crude oil into refined products such as petrol and jet fuel. The catalyst needs to be regularly replaced to ensure the efficient operation of the plant and Cat Tech is one of a handful of global operators to work in this specialist field.

Cat Tech International is viewed as an industry pioneer and has an excellent reputation as an innovator of products and processes to increase operational efficiency and improve the safety of workers. The business works in a sector with significant barriers to entry due to the limited number of specialist operators worldwide that have the skilled personnel and equipment to undertake catalyst handling projects. Customers include BP, ExxonMobil, Shell, and Lucite International.

Management has acquired the business from the US listed environmental services group, Clean Harbors Inc, with financial backing from the Birmingham office of Maven Capital Partners. The financial terms of the transaction are not being disclosed.

Karl Thew, MD and majority shareholder of Cat Tech International said, “We have successfully expanded the business to become one of leading global providers of catalyst handling services. Having completed the MBO we are targeting further expansion into new overseas markets and development of our range of services.”

Andrew Ferguson, partner at Maven, commented, “Maven looks to partner only with profitable businesses led by dynamic and proven management teams. This investment was a chance to support a team that has demonstrated the ability to achieve consistent growth and develop new markets. The business is well placed to achieve further growth from rising global demand for its specialist services and an increasing focus on plant efficiency, cost control, and health and safety”.

The deal was led, structured and advised by Simon Chapman of Burgis & Bullock Corporate Finance (Warwickshire, England) who added, “Cat Tech is exactly the kind of business that will help UK economic recovery – a growing, profitable business with a technology edge that generates significant overseas earnings. It is great news for this country that Cat Tech is now an independent company again”.

The Birmingham office of Fortis Commercial Finance, led by Harps Dharmi, provided a working capital facility to Cat Tech International.

Richard Underwood of SGH Martineau LLP acted as legal adviser to the MBO team and Simon Gill of Gateley LLP advised Maven.

About Burgis & Bullock

Burgis & Bullock is one of the leading regional firms of chartered accountants and business advisers in the Midlands. Clients include owner-managed businesses, subsidiaries of overseas groups, private equity investee companies, professional firms, charities, and individuals. The firm’s service lines comprise audit and assurance, taxation, accounts preparation and outsourced services, wealth planning, and corporate finance. Burgis & Bullock is a member of TIAG^®, a worldwide alliance of independent accounting firms with 189 offices in 70 countries. Learn more about Burgis & Bullock at www.burgisbullock.com.