Severn Glocon Group has today announced a multi-million-pound investment from energy investor Blue Water Energy.
The investment deal, which is subject to certain conditions precedent, sees management team member Colin Findlay take on the role of new CEO to lead the implementation of a plan for expansion and a focus on product development.
Severn Glocon is one of the biggest manufacturers of control valves for the oil and gas industry, and employs over 900 staff worldwide including 370 in the UK. The independent UK-based company, with manufacturing locations in Gloucestershire, Yorkshire and Chennai and service operations globally, now has a fully-funded growth plan that will build on its proud heritage and customer and supplier base to take quality and reliability to the next level.
Severn Glocon founder Maurice Critchley steps into a non-executive director role and remains as an investor in the company, alongside Blue Water Energy. As well as knowledge of the industry, Blue Water Energy will provide capital for the ambitious five-year growth plan – allowing Severn Glocon to move forward with a positive balance sheet and ample financial support.
Christopher Powell continues in his role as Chairman.
Maurice Critchley said: “Having created an excellent global manufacturing business over the past 30 years, I am pleased to see it in good hands and I look forward to supporting our new CEO, Colin Findlay, and Blue Water Energy in taking Severn Glocon to the next level around the world.”
CEO Colin Findlay of Severn Glocon said: “I am very proud to step into the role, leading the highly experienced Severn team. Our development plans are now in place and backed by Blue Water Energy. We are confident that our markets are strong and Severn will continue to punch above its weight with specialised products in all of its core markets.”
Findlay, who has worked at Severn for the past 14 years, is also Chairman of the British Valve and Actuator Association (BVAA).
Blue Water Energy Director Salil Oberoi said: “We are delighted to be working with this hidden gem of British industry. We are excited to work with Colin Findlay and his team as we embark on the next chapter of the Severn Glocon story. Blue Water Energy brings a wealth of experience in growing energy-related companies, and we share the same ambitious growth plans for Severn Glocon that Colin and his team have. We are also grateful to have Maurice Critchley in his new advisory role on the board and the experience he brings.”