Blue Water Energy LLP, a specialist energy private equity firm, has heralded the successful sale of ROVOP, an Aberdeen-based provider of ROV (Remotely Operated Vehicle) services, to Edison Chouest Offshore, a leader in US marine solutions. Blue Water Energy initially invested in ROVOP in 2017 through its second fund, and this move significantly bolstered the company’s global expansion and penetration into low-carbon industries. Throughout their stewardship, Blue Water Energy took proactive steps to enhance ROVOP’s market position and financial stability, including orchestrating further investment from BGF to secure the long-term future of the company, appointing Neil Potter as CEO in 2020, and eventually taking full ownership in September 2022. This transition in ownership was accompanied by a strategic $25 million investment from Cordiant Capital to fuel ROVOP’s ongoing expansion. The financial nurturing provided by Blue Water Energy has borne fruit, with ROVOP achieving a remarkable 31% revenue uptick in the fiscal year concluding March 2023, mounting to 53 million. With an optimistic outlook for continued growth in the subsequent year, the leadership at Blue Water Energy, represented by Managing Director Martin Somerville, commends the ROVOP team for its exemplary performance and resilience in recent years and bids them success under the new ownership. Somerville also marks this venture as another epitome of Blue Water Energy’s investment acumen and capability to navigate companies through fruitful growth trajectories and exits. Neil Potter, ROVOP’s CEO, expressed his gratitude towards Blue Water Energy for its support and for laying the strategic foundations that have culminated in the company’s success.

Private Equity, Marine Transportation and Services, Renewable Energy Services,United States, United Kingdom

https://www.bluewaterpe.com/news/bluewater-completes-sale-of-rovop-after-successful-growth-journey/