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04/12/2013

£500,000 FW Capital mezzanine investment backs Tees Valley Group’s global expansion

A specialist training, recruitment and management systems company is expanding its global operations in the oil and gas sector with the backing of a £500,000 mezzanine investment from FW Capital, the company which manages the North East Growth Plus Fund.

MC² Technical Recruitment (MC²), with its headquarters in Stockton-on-Tees, is using the working capital injection to fund the costs of securing new contracts and also to boost the number of consultants it employs.

FW Capital’s investment has also enabled the company to ramp up its operations in Malaysia and South Africa.

Having run the technical recruitment, training and management systems consultancy company since July 2009, MC²’s current management team then completed a management buy-out in early 2013.

Led by Chief Executive Alan Gibbin, the team has successfully rebranded the company and repositioned its operations focusing itself on the lucrative, international oil and gas sector.

MC² has an extensive candidate database which it uses to source senior construction, engineering and manufacturing personnel for its clients such as, Petronas and PetroSA.

“At MC² we’ve extensive knowledge and many years’ experience of the sectors we operate in and our clients range from major drilling, engineering and construction companies to EPC contractors and inspection bodies. They often have challenging staffing requirements and we’re proud of our reputation for providing a flexible, high-quality, professional and responsive service.

“Since the buy-out we’ve rebranded and with FW Capital’s investment we’ve been able to focus on the oil and gas sector, which has strengthened our business considerably. This strategy is already paying dividends as we’ve secured a number of important new contracts and we’re currently negotiating for other major and exciting business opportunities,” Gibbin explained.

The company targets key markets throughout the world from its offices in Cape Town, Kuala Lumpur and Dubai. Kuala Lumpur is currently home to one of the fastest growing oil and gas production centres in the world.

Investment Executive, Michael Vassallo worked with MC²’s directors and management staff to structure FW Capital’s investment. He said: “MC² has a strong team with a deep understanding of the sectors the business operates in. The company has an impressive client list as well as an enviable pool of candidates which ensures it can satisfy its clients’ resourcing requirements effectively.

“FW Capital’s investment has enabled Alan and his team to target lucrative opportunities particularly in the buoyant global oil and gas sector. MC² is a well-established business and its expansion into the oil and gas sector not only complements its existing operations, but also increases its scale significantly.”

MC² sources engineers and management personnel based throughout the world to fulfil temporary, fixed-term and permanent contracts.

FW Capital made the investment from the North East Growth Plus Fund. The North East Growth Plus Fund which is part of the £125 million Finance for Business North East Fund. The fund is targeted at established businesses in the region and can provide single-round investments of between £350,000 and £1.25 million.

FW Capital has recently increased its presence in the Tees Valley with the launch of the Tees Valley Catalyst Fund. The company has recently opened its Billingham office and recruited two new investment executives.

Launched by Tees Valley Unlimited (TVU) at the end of June, the £10 million Catalyst Fund provides Tees Valley businesses with short-term finance to fund performance and warranty bonds.

North East Growth Plus Fund