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A northeast-based entrepreneur has bought an industrial cleaning and waste disposal company as part of a plan to build an environmental services group. Chris Lloyd, a former managing director of offshore logistics firm ASCO, led a consortium that has taken control of MS Industrial Services for £6 million.

The deal was backed by Aberdeen Asset Managers Growth Capital, which invested £2.6 million. Aberdeen’s funding was managed by Jock Gardiner and Guido Bicocchi while Tom Faichnie at Barclays provided debt.

Based in Aberdeen and Invergordon, MS Industrial Services has 35 employees. It offers waste management, high pressure jetting and decontamination services, as well as vacuum tanker hire and tank cleaning.

The company’s clients are offshore oil and gas companies, and onshore customers involved in the distilling, construction and utilities markets. In the year to February 2007, it reported a turnover of £4.4 million, a rise of 72 per cent on the previous year.

Lloyd’s team was advised by Simmons & Company and McGrigors, while Aberdeen was supported by Biggart Baillie. The vendor was represented by Paull & Williamsons, with financial due diligence undertaken by Johnston Carmichael.

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