August Equity in £37 million acquisition
Article Date: Sep 01 2008Mid-market buy-out firm August Equity has acquired oil and gas support services company Accura for £37 million. The buy-in management buy-out sees Simon Armstrong, who has worked with two of August’s previous investee companies, join Accura as non-executive chairman.
Former chairman Peter Andrews and Barclays Ventures, which acquired Accura in 2005, will exit the business.
Sam Watkinson, partner at August Equity, led the deal along with investment director Keith Davidson and investment manager David Lonsdale. Watkinson and Davidson will join Accura’s board as non-executive directors.
Watkinson comments: ‘Accura has an excellent reputation amongst customers, who associate Accura with high quality performance and delivery on short lead times.’
Accura operates as two separate divisions: supply chain services under the brands Linvic and Concept, and technical contract services as Accura Geometric and Accura Geneva.
