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DTE Corporate Finance advise in management buyout of The New Energy Industries Ltd

DTE Corporate Finance are pleased to announce that they have advised on the Management Buy-Out ("MBO") of The New Energy Industries Limited ("TNEI") from Petrofac Limited ("Petrofac") for an undisclosed sum.

The MBO team consisted of Rachel Hodges and Nigel Tate who have managed TNEI since Petrofac, a UK listed company, originally acquired it in 2010.

Headquartered in Manchester, TNEI provides specialist energy and environmental consultancy services to a wide range of organisations across numerous sectors. TNEI also has offices in Newcastle, Glasgow and Cape Town.

It is business as usual for TNEI which will continue to deliver industry leading services to a wide range of client groups.

Rachel and Nigel commented, "As TNEI was previously independent and Petrofac have given TNEI a large amount of autonomy over the years, we do not expect this change to have a significant impact on the way that we operate and we are excited about the opportunities that come with being a completely independent specialist consultancy in this exciting sector."

Andy Humphrey and Alex Wilson of DTE Corporate Finance advised on the transaction and commented: "We are delighted to have worked with and assisted Rachel and Nigel on their acquisition of the business from Petrofac and wish them the very best for the future."

Richard Almond of Athena Law provided legal advice to the Management Team and Steve Lomax of the Lloyds Banking Group provided the debt to assist with the funding of the transaction.