New private equity house CastleMill Equity Partners, led by Rob Asplin and Conrad Lee, has made its first major investment by acquiring Manor Energy Group (‘Manor’) helped by funding from Shawbrook Bank.
Dorset-based Manor provides temporary power and engineering solutions to the offshore wind farm industry through Manor Renewable Energy, founded in 2013, as well as vessel construction and maintenance services through Manor Marine which began trading in 1991.
The deal facilitated the exit of a founder shareholder, and provides backing for the team to continue on its high-growth plan. From its base in Portland in Dorset, Manor is well placed to take advantage of continued growth in the offshore and wind farm sector whilst providing vessels, maintenance, storage and engineering services to a broad range of customers.
Funding from Shawbrook Bank, delivered through a bespoke Senior Structured Debt solution incorporating both amortising and bullet elements together with a revolving credit facility, enabled existing partners to realise some of their share value and for CastleMill to provide the equity capital to take ownership of the Group. The CastleMill team will continue to support the existing management team with strategic and commercial expertise as the business seeks to broaden its offering by investing in its operations and maintenance division.
Ian Moody, Relationship Director at Shawbrook Bank says:
“Manor Energy Group is a very impressive business and we’re delighted to become their funding partner through this acquisition. We’ve completed a number of transactions over the past couple of years in the energy sector, many of which have involved commercial marine and engineering businesses like Manor Energy Group. We’re also working with a number of sponsors and its great to see what Rob and Conrad are building in CastleMill, particularly how they’re focused on supporting expert management teams to an extent that goes way beyond the provision of capital. I look forward to seeing how Manor now develops into a genuine leader in its own market, becoming a success story not just in Dorset and across the UK but internationally too.”
Rob Asplin, Co-founder and Managing Director at CastleMill Equity Partners says:
“We’re clearly thrilled to now be a part of the Manor Energy Group story. We came up with the idea for CastleMill because we believe the role of private equity goes beyond the provision of capital. The experienced team at Manor are impressive and know their market and the business they’ve created better than anyone else. It’s a pleasure to now work with them and we can add our broad commercial experience, strategic support and our investment partners’ wealth of expertise and contacts to help continue the Manor success story. Shawbrook have proven to be the ideal finance partner, able to combine significant experience in the sector with the ability to flex and structure the funding we needed. Working with specialist funders like Shawbrook reduces deal risk, provides valuable insight and expertise and ultimately lays the foundation for a smooth and successful transaction.”