In March 2014 Graphite Capital led the management buy-out of ICR, a group of four businesses providing repair and maintenance services to the energy sector.

Walker, ICR’s largest business, provides engineered composite repairs for pipes. MOSS offers mechanical engineering services for pipeline applications, North East Corrosion Engineers provides corrosion monitoring and Chemical Injection Utilities specialist chemical injection equipment. ICR generates the majority of its revenues in the UK but is also expanding considerably internationally, particularly in the Middle East.

The UK’s energy infrastructure is ageing and requires increasing repair and maintenance. In the UK North Sea, 60% of the 302 offshore installations have operated for more than 20 years, many of them beyond their original design life. In 2013, UK North Sea maintenance spend was c. £8.5 billion compared with £4.0 billion in 2003. Onshore, four of the UK’s ten oil refineries were built before 1940 and the other six were built before 1980. The Middle East is also an attractive market, which has ageing infrastructure across the region.

ICR has a strong reputation for quality and deliverability in a sector with strict health and safety requirements and it has grown rapidly, both organically and by acquisition.