Weldex (International) Offshore Holdings

Nature of Business

Hire of large crawler cranes to the construction industry.

Description of Deal

Partial exit to Dunedin Capital Partners in 2010 representing an IRR of 25%. NVM retains a minority stake.

NVM achieved a partial exit from their long-standing investment in Weldex (International) Offshore in 2010, reaping over £7 million of cash in the process. The UK’s largest crawler crane hire company has been acquired by a new holding company funded by Dunedin Capital Partners, with the two NVM funds retaining a minority equity

stake and loan stock valued at a further £6 million. Over the 14 year life of the investment, the total income and capital proceeds received by the NVM funds represented a multiple of over 13 times the amount invested and an internal rate of return (IRR) of 25% per annum.

Inverness-based Weldex was founded over 30 years ago
by chief executive Dougie McGilvray, and has remained a family-run business with Dougie’s son Iain and daughter Margaret holding key board positions. Northern Investors Company and Northern Venture Trust provided £1.2
million of development capital funding in 1996 to support the company’s growth plans. Weldex now has over 100 employees running its large and modern fleet of crawler cranes, which have been deployed on a number of the UK’s largest construction projects including Heathrow Terminal 5, Wembley Stadium, the London 2012 Olympic Stadium and“various offshore wind farms.