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Air Energi, the Manchester-based contract, project and staff hire engineers Human Resources agency, has just been bought out by its top management backed by private equity firm Zeus, Manchester Evening News reports.
Air Energi has more than a 120 staff and places around 1,000 contractors with global energy giants such as Shell, Exxon Mobil and BP.
The deal, which values the business at 30 million Pounds, provides an exit for two of Air Energiâ€™s founders and sees Executive Chairman Ian Langley, Chief Executive Duncan Gregson and other senior management team increase their stakes. Gary Tipper and Ed Fazaqerley of Zeus will join the companyâ€™s board as a result of the deal.
Zeus has provided equity funding of 10 million Pounds alongside management in the deal. Barclayâ€™s bank provides working capital facilities.
Air Energi Chairman Ian Langley said â€œwith the backing of Zeus and Barclayâ€™s, we are looking forward to continuous success in the international energy markets.â€?
Gary Tipper of Zeus comments â€œAir Energi is a truly global business operating in a sector that continues to demonstrate strong growth. Ian and the team have developed an excellent reputation in their field and we are looking forward to working with them and supporting the future growth of the company.â€?