Global Energy Group Divides in Two

The de-merged operations make use of about 1,500 folks and at the moment are below the umbrella of Envoy & Companions, which can be headquartered within the Highland capital and led by managing accomplice Iain MacGregor, 37.

Envoy has made its first acquisition, snapping up a majority stake in Australian firm STR Integrity. Iain MacGregor owns 40% of the brand new group, with youthful brother John, 32, and Japanese conglomerate Mitsui every having a 25% stake.

Each brother has retained pursuits in GEG, alongside older brother Donald, 41, and their father, in addition to Mitsui following a consolidation of shares in that group.

In addition to STR Integrity, Envoy includes two Muir of Ord companies – Ross-shire Engineering and Prime Pumps – and Aberdeen companies World Sources, Rigfit7Seas and Maris Subsea.

It additionally consists of Manchester-based mostly Langfield’s, CPE Stress Valves, of Tamworth, and Australian corporations GQS Vertech Group, Cunningham Useful Resource Options, and Geo Oceans.

Iain MacGregor stated Envoy could be extra internationally targeted than GEG, which was started by Roy MacGregor – its Invergordon-born chairman and majority shareholder – in 2005.

GEG noticed pre-tax income rise by practically 14% to £4.8 million throughout the year to the tip of March 2018, regardless of a 5% drop in turnover to £289m.

Ian MacGregor mentioned the break up delivered companies turning over £140m to £150m a year to Envoy, whereas creating higher “focus” for each team.

There are “large” alternatives forward for Envoy’s subsidiaries, which can proceed to function beneath their very own manufacturers, he added.

GEG has additionally been on the acquisition path just lately, shopping for Aberdeen agency Aiken Group out of administration and taking majority shares in Apollo Offshore Engineering.

Monetary particulars of International Vitality Group (GEG)’s demerger had been undisclosed, though Envoy managing accomplice Iain MacGregor stated the deal was of “a substantial dimension” as a result of quantity if companies are altering arms.

He added: “The transaction itself was very complicated and took many months to mature, involving a mixture share swap in addition to a debt package deal supported by Financial institution of Scotland.”

GEG, which heads the Nigg yard and predominantly providers the UK North Sea power business, will proceed to be run by majority shareholder Roy MacGregor.

The group’s 66-yr-outdated chairman, who can be chairman of Ross County Soccer Membership, mentioned: “Now we have been consolidating our place within the UK market to fulfill the altering wants of offshore clients. “The de-merger of the group permits our enterprise to concentrate on constructing core functionality, which can make our price proposition a lot clearer to clients.

Ian MacGregor further said: “As GEG has consolidated its enterprise within the current downturn, it has highlighted the necessity for impartial methods to develop a number of the rising portfolios within the group.