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United Kingdom : RBS announces completion of £20m re-banking of EV

July 28, 2014

The Royal Bank of Scotland (RBS) declared that it has finished a 20m re-banking of video technology developer EV Offshore a month following the firm was taken over in a contract, worth 69m.

A supplier of camera inspection services utilized in the oil and gas industry, EV has finished a management buyout (MBO) endorsed by mid-market buyout house Dunedin.

Earlier formulated to capture Formula One racing, 20m-turnover business, which adapted video technology and it is utilized to film the BBC's Top Gear series, has its R&D and manufacturing facilities in Norwich.

As per Oliver Bevan, investment director at Dunedin who recently joined the board of EV, "With our DebtBridge product we were able to get the initial transaction over the line quickly without getting held up waiting for bank debt finance, "Then, in less than a month we secured the re-banking with RBS, ensuring a smooth transition and on excellent terms for the company. We look forward to working in partnership with RBS to enable EV to further grow its business around the world."

Rory McPherson, head of structured finance Aberdeen, for RBS, added: "EV has game-changing technology and a first class management team. We are delighted to be continuing our support of the business as it embarks on the next phase of its development."

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Source: TendersInfo (India)

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