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Private Equity Funds


Simmons Parallel Energy Fund 


The Simmons Parallel Energy Fund is a private equity co-investment fund managed by Parallel General Partner Limited, based in Guernsey, a wholly-owned subsidiary of Simmons & Company International Limited. Simmons & Company International Limited provides portfolio advisory services. The Fund invested, alongside other investors, in European-headquartered energy businesses and targeted three main energy sectors: 

  • Oilfield services and technology
  • Development and opportunities without exploration
  • Technologies that enable alternative energy

The fund commitments were approximately €50 million, and first close occurred in April 2008. The fund is now closed for new investments but has committed capital available to support its portfolio companies

Current Portfolio Companies

Flexlife Group Limited

Flexlife is an established provider of engineering, design, delivery and integrity services in the specialist areas of flexible pipe and umbilical assets. From its operations in Aberdeen and Houston, Flexlife supports customers to ensure compliance, optimise production, reduce costs and extend the life span of assets. The investment in Flexlife was made in October 2010.

Glacier Energy Services Limited

Glacier is focused on providing specialist services for energy infrastructure internationally. The Group consists of the Specialist Services division providing niche services in heat exchangers (design, manufacture and refurbishment) and on-site machining; non-destructive testing ("NDT"); weld cladding overlay welding services; and the provision of precision on-site portable cutting machines.

The initial acquisition was made in March 2011 with four follow-on acquisitions made since then to expand Glacier's offering.

HCS Control Systems Limited

HCS specialise in the design, manufacture, assembly and test of equipment for subsea production and intervention. HCS's systems include direct hydraulic production systems, installation and workover (IWOCS) systems, subsea distribution units, and the complete range of topsides equipment for deployment and handling of umbilical systems. Complementing its product offering, HCS offers a range of services from equipment rental of hydraulic testing and flushing units to manpower and welding services. The company is based in Glenrothes, Scotland. The investment in HCS was made in June 2013.

Exited Portfolio Companies

Electro-flow Controls Group Limited

EFC Group designs, manufactures and installs instrumentation and drilling controls, choke controls, managed pressure drilling systems and mechanical handling equipment for the global oil and gas industry. The investment in EFC was made in December 2009 and the Fund exited to a consortium of investors in December 2014.

Xodus Group Limited

Xodus offers engineering and advisory support for oil and gas upstream operators and renewable energy developers globally. The investment in Xodus was made in March 2011 and the company was sold to Chiyoda Corporation in July 2013.

Red Spider Technology Limited

RST is a downhole technology company that provides tools and engineers to the well intervention and completions market. The investment in RST was made in March 2010 and the Fund exited to a major oil service company in December 2012.

Subocean Group Limited

Subocean was a provider of subsea cable installation to the offshore renewable energy industry. The investment in Subocean was made in December 2009 and the Fund exited to Technip in January 2011.


Simmons Private Equity II
 

SPE II is the successor fund to Simmons Parallel Energy. It has been set up to invest in small to medium size companies who predominantly serve the oil and gas industry. The SPE II strategy is to provide capital to support a "buy and build" strategy, creating groups with a differentiated offering to its customers. SPE II will lead investments but will typically seek a co-investment partner and/or significant management participation. It is also managed by Parallel General Partner Limited with Simmons & Company International Limited providing portfolio advisory services. The fund size is c £ 127m.

Current Portfolio Companies

Safehouse Habitats (Scotland) Limited

Safehouse specialises in the rental and sale of ATEX-certified hot work enclosures for use in potentially explosive (Zones 1 & 2) atmospheres enabling operators to perform maintenance adjacent to live operations and minimising shutdown periods. The Safehouse system offers 2 key properties; (i) Containment – ensuring that grinding sparks and/or welding slag have no possibility to escape from the enclosure and (ii) Pressurisation – overpressure that acts as a barrier to prevent the ingress of gaseous hydrocarbons. The investment in Safehouse was made in January 2014.

Pryme Group

GA Engineering (Group) Limited

GA is a Dundee based high quality precision manufacturing business which serves the oil and gas industry with a small element of diversification into the automotive, aerospace, electronics and medical industries. GA has been in business for over 20 years and has built a long standing customer base of oil and gas service companies, including the major equipment manufacturers. The investment in GA was made in November 2014.

The MKW Group

The MKW Group consists of three complementary engineering businesses serving the oil and gas, industrial and defense markets, operating from a base near Newcastle. The MKW Group has a solid reputation with several long standing customer relationships and has developed a "one-stop-shop" in the provision of a wide range of integrated subcontract engineering services. The investment in MKW was made in September 2015. MKW enhances GA's offering to offer a turnkey manufacturing solution to its customers.

Caley Ocean Systems Limited

Based in Glasgow, Caley engineers, designs, assembles and commissions bespoke marine handling systems for the offshore industry. Its main product lines are carousels, deepwater handling systems, tensioners, winches, davits and dive / submersible handling systems. Caley's success and reputation are due to its large degree of engineering know-how and its extensive track record that enables it to develop solutions to customer challenges. The investment in Caley was completed in September 2014.

Umbilicals International Inc. (previously HL Technologies L.P.)

Based in Houston, Texas, HL Technologies manufacture specialist application cables, marine umbilicals and connection systems, primarily focused on the upstream oil and gas industry. The company operates through two main divisions; Umbilicals International and Geocables. The investment was completed in March 2015.

The investment expands the Seanamic's presence in international markets and extends the customer base with the potential to bundle the combined product offering.

IMES International Limited

Based in Houston, Texas, HL Technologies manufacture specialist application cables, marine umbilicals and connection systems, primarily focused on the upstream oil and gas industry. The company operates through two main divisions; Umbilicals International and Geocables. The investment was completed in March 2015.

The investment expands the Seanamic's presence in international markets and extends the customer base with the potential to bundle the combined product offering.


The Global Upstream Consultancy Group
 

SPE aims to build what is to become a global upstream consulting group. The strategy is to create a portfolio of niche providers, profitable in their own right, which when combined, will drive Operator efficiency, safety and productivity.

LEAP Energy

Established in 2008, LEAP Energy is an international subsurface and technology consultancy that delivers services through its operational offices in Malaysia, Australia and Europe, with representative offices in India, Indonesia and the Middle East. Besides the core activities of reservoir studies and M&A advisory, LEAP Energy is a recognised technology innovator in mature field production optimisation and delivers predictive analytics for conventional and unconventional reservoirs.

The investment in LEAP Energy marks the first acquisition in what is to become the global upstream consulting group.