Ramco, has won a major private equity award at the British Private Equity and Venture Capital Association (BVCA) Scotland Management Team Awards 2017.
The international firm manages the care and maintenance of Oil Country Tubular Goods (OCTG) for the upstream oil and gas industry and is backed by mid-market private equity investor Lloyds Development Capital (LDC). BVCA’s awards, which took place on June 8th, celebrate the achievements and excellence of companies backed by private equity and venture capital.
Ramco was chosen as the winner of the Mid-Market Team category, the judging panel being impressed with Ramco’s resilience through the difficult oil and gas market of the last few years.
In comments, judges praised CEO Derek Smith and his team for investing during a downturn and continuing to grow the business at a time when others were cutting back, and said the firm’s determination to push ahead has paid off in terms of growth, market share, internationalisation and profitability.
Derek Smith, CEO at Ramco, said: “We’re very proud of our investment strategies which have given us a significant head-start in the oil and gas market as it shows tentative signs of greater activity globally than we have seen in recent years. LDC has been hugely supportive and we’re delighted that the partnership has culminated in this prestigious award.
“We are looking forward to exciting times in every region as we continue to develop our business, further enhancing our business change program which has already brought significant improvements to the company. We also look forward to expanding our international business, having recently secured contracts in Australia we’re looking forward to further developments both there and in several other regions.”
Mark Kerr, Head of Scotland for LDC commented: “The last couple of years have not been easy for anyone in the oil services industry. Without clear leadership and the hard work of an excellent senior management team, Ramco would not now be in the position of looking forward to expand strongly over the next few years. Never has good management been as crucial as in the last few years. ”
The BVCA Management Team Awards began in 2009 to recognise and reward businesses across the UK that have been backed by private equity and venture capital investors. The Scottish winners will progress to a national final to compete against the rest of the UK.
From bases in the UK, Norway, the Middle East, China and Australia, Ramco is progressing its ambitious Total Tubular Management plans, which provides tubular storage, care, maintenance and preparation services for oil and gas operators.