Stewart to Lead EnerMech Expansion
EnerMech has signalled it’s about to step up international expansion with the appointment of mergers and acquisitions expert Ingrid Stewart.
Mrs Stewart has joined the mechanical engineering group from investment bank Simmons & Company International where she was a director specialising in corporate finance. A chartered accountant, she takes on the newly created role of Corporate Development Director, as the Aberdeen-based oil and gas services company embarks on a new phase of acquisitions and strategic joint ventures. EnerMech has recently secured a further £25 million from long term private equity backers Lime Rock Partners and is in the process of raising additional funding from a group of banks to finance its continuing acquisition and growth strategy.
Already well established in the UK, Norway, the Middle East and Caspian, North America, West and South Africa, Singapore, Indonesia, China and Australia, EnerMech expects to add five new businesses to the group in the next six months as it extends its global footprint. Mrs Stewart will be responsible for the execution of future acquisitions and the subsequent integration of those businesses into the EnerMech group. She will play a significant role in the overall strategic development of the company and long term business plan, positioning EnerMech for additional future investment.
EnerMech managing director, Doug Duguid, said: “We are entering a new phase of international growth which will take the company to the next level and Ingrid will bring us greater experience in deal execution and finance raising. “EnerMech is a successful business with a robust long term growth strategy and recruiting management of Ingrid’s calibre, the first of several key appointments, will accelerate our international development.”
In her six years with Simmons, Mrs Stewart worked on several high profile acquisitions, disposals and finance raisings within the energy industry. EnerMech was a key client and she has advised the company since it was formed in 2008 by Doug Duguid and finance director Michael Buchan. She said: “After 15 years in professional services and advising companies like EnerMech, I’m looking forward to transferring my skills and working from the inside of one of the UK’S most exciting and ambitious oil services companies. EnerMech has made no secret of its objective to establish a truly global entity and I will help identify suitable targets and manage the acquisition and integration process, freeing up Doug and Michael to concentrate on delivering the growth expected by our investors.”