Two banks have joined Bank of Scotland to provide a £90 million funding package for oil and gas engineering group EnerMech.
EnerMech said the addition of backing from Norwegian bank DNB and HSBC to that of its support from Bank of Scotland reflected its recent growth.
In five years the firm has established a global footprint of more than 30 locations and has grown its workforce to more than 1800.
The extra funds will be used to invest in new equipment, additional facilities and in expanding the workforce.
EnerMech's growth strategy it to grow revenues to £280 million in 2014 and increase the total number of employees increase by 700 to 2500.
Bank of Scotland will remain the lead bank and has refinanced a £60 million package as part of the new arrangement.
The funding arrangement follows an increased investment earlier this year by private equity specialist Lime Rock Partners, which supported the acquisitions of Vicon Services in Australia and UK-based Total Reclaim Systems.
To date EnerMech has invested £30 million on acquisitions and £80 million on organic growth and has put aside a further £15 million for future acquisitions.
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