Dynamic Positioning Services Limited (“DPS”), a supplier of surface and subsea dynamic positioning equipment has been the subject of a management buy-out. The Structured Finance Team at the Royal Bank of Scotland plc provided an undisclosed funding package to enable the existing managing director Elaine Grant to acquire control of the business.

The transaction was project managed by a team led by Mike Brown, Head of Corporate Finance at Anderson Anderson & Brown. Mike Brown said, “this is an excellent business which consistently delivers to its customers both in the UK market and overseas. Elaine Grant has proved her ability and the company is well positioned to further develop its potential. We look forward to working with Elaine and see the company move forward.

Brian Johnston, Director, Corporate and Structured Finance at the Royal Bank of Scotland plc, said “We are delighted to assist Elaine Grant to secure ownership of a progressive business which she has been instrumental in founding and developing. Our sector knowledge and understanding allied to an appropriate funding structure were vital factors in securing the mandate to fund a business which is well positioned to consolidate its strong market position whilst further developing its operations globally”.

Gordon Hobkirk of Iain Smith & Co, the legal advisers to Elaine Grant said “We wish Elaine and her colleagues continued success and are sure that under Elaine’s leadership the business will go from strength to strength”.

Founded in 1989 as a subsidiary of Andrews Hydrographics Limited, DPS is recognised as a market leader in the provision of spare parts and associated equipment for vessel dynamic positioning equipment and the rental of survey equipment, provision of personnel and the repair and maintenance of survey and positioning equipment.

The company currently employ 13 personnel and has an extensive hire fleet which is constantly being updated to reflect the changes in technology and the company has entered a number of joint venture type agreements to allow it to support the global activities of its customer base.

Elaine Grant commented, “I am delighted to have the opportunity to further develop DPS which has been such a large part of my life for the past 13 years. I have exciting plans to develop both the product range and the customer base. All this is underpinned by my commitment to the highest quality customer service possible. The deal process I have just gone through has been rigorous and I am delighted to have been assisted by Anderson Anderson & Brown, Iain Smith & Co and the Royal Bank of Scotland”.