BGF, one of the largest and most experienced growth capital investors in the UK and Ireland, has announced a multi-million-pound investment in Glacier Energy. This strategic investment positions BGF alongside Averroes Capital, which has been an investor in Glacier Energy for several years.
BGF has taken a minority stake in the Aberdeen-headquartered energy services company, having closely followed its growth and expansion into the renewables market. With the combined support of Averroes and BGF, Glacier Energy plans to continue its rapid growth trajectory, investing in additional manufacturing capacity and establishing a technician training academy. The company will also pursue further strategic acquisitions.
Glacier Energy specializes in providing products, services, and engineered solutions across a wide range of industrial and energy markets. Its core capabilities include heat transfer and pressure vessels, machining, welding, and Non-Destructive Testing (NDT) and inspection services. These specialisms align with the energy transition, and Glacier Energy has been at the forefront of advancing technologies in hydrogen, carbon capture, and energy storage.
Founded in 2011, Glacier Energy has completed 11 acquisitions and leveraged its engineering and technical expertise to support low-carbon technologies. The company employs 220 people directly and 20 contractors, with plans to recruit additional capacity to meet growing demand.
To support its ambitious growth plans, Glacier Energy has recently appointed Nick Horler as Non-Executive Chairman and Mark Ritchie as Group CFO. Nick Horler brings extensive experience from his executive career in the energy, oil, and infrastructure industries, including roles as CEO of Scottish Power and non-executive positions at Horizon Energy Infrastructure and Smart Meter Assets. Mark Ritchie, a Chartered Institute of Management Accountants member, has over 20 years of financial experience, including board-level roles in private equity-backed businesses and significant work in the energy sector.
Richard Pugh, an Investor at BGF, expressed his enthusiasm for the partnership: “We have known Scott Martin for over ten years and have been impressed at how he and the team have grown Glacier Energy while also achieving success in diverse, high-growth markets. We are excited about the scale of ambition, involving investment across multiple sites in Scotland, as well as in Yorkshire and the North East of England.”
Scott Martin, CEO of Glacier Energy, stated: “We are thrilled to welcome BGF as a key partner in our growth journey alongside Averroes Capital. With BGF’s support and experience, we are well-positioned to accelerate our growth and further contribute to the development of sustainable energy solutions. The addition of Nick Horler and Mark Ritchie to the company’s board underlines our ambition. We have secured two of the best in the industry who will drive Glacier Energy to the next level.”
Simon Rowan, Partner at Averroes Capital, added: “We are delighted to bring BGF on board as a co-investor and believe this will significantly enhance the growth prospects of Glacier Energy. The business has made large strides forward following our recent investment, and we look forward to seeing this positive momentum continue alongside BGF.”
About BGF
BGF is a leading growth capital investor in the UK and Ireland, providing long-term funding to ambitious businesses. With a strong track record of supporting growth, BGF partners with management teams to help them achieve their business objectives.
About Glacier Energy
Glacier Energy is a specialist provider of products, services, and engineered solutions for industrial and energy markets. With expertise in heat transfer, pressure vessels, machining, welding, and NDT services, Glacier Energy supports the energy transition through innovative low-carbon technologies.
https://www.agcc.co.uk/news-article/bgfs-glacier-energy-investment-to-further-shape-energy-services-landscape
