GEMS welcomes new shareholders and investmentCompany News // April 20, 2011
Geotechnical, geophysical and metocean group GEMS Group and Rutland Partners have announced that Rutland Partners, alongside GEMS Management acquired the GEMS Group on March 3rd 2011.
Rutland Partners, a London private equity investor, will support management plans for the company and their investment will bring financial stability, enabling GEMS to focus on realising their full potential.
GEMS operates in growing markets, has an excellent technical reputation and the current pipeline of orders is encouraging.
The GEMS senior management team will be led by Charles Tompkins who assumed control of the business prior to Rutland’s acquisition and is a proven entrepreneur in this sector.
The senior management team are investing alongside Rutland and will collectively hold the balance of the equity.
Commenting on the deal, Nick Morrill, Managing Partner of Rutland, said: “GEMS is a world leader in subsea services. We believe that we can bring both the necessary financial support and control to GEMS and help it to capitalise on its strong market position.”
Charles Tompkins of GEMS said: “The GEMS management are delighted Rutland has recognised the company’s potential and we believe that together we can develop GEMS into a larger and even more successful force in the offshore survey market.”