Italy

Italy

Private equity firm buys 35% stake in UK foundation grouting firm

FoundOcean accepts investment from Italian PE investor Ambienta

A UK-headquartered international company specialising in offshore foundation grouting services, FoundOcean, has struck a deal with Italian private equity firm, Ambienta.

Ambienta has taken a 35% stake in FoundOcean, which should allow the rapidly-growing grout specialist to expand further.

FoundOcean recently announced it had won the monopile grouting contract for Gwynt y Môr wind farm. It has also worked on Thornton Bank Phase II. Offshore oil and gas clients appear to represent FoundOcean’s primary client base, with offshore wind representing a growing market.

FoundOcean’s annual revenue has more than doubled in the last two years, according to Ambienta, reaching about £12m (€15m) in 2011. Revenue is expected to jump by a further 50% this year.

Commenting on its equity purchase, Ambienta explained that it will "focus on FoundOcean’s overall development to ensure that it becomes a leading player in offshore energy services".

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