Key Takeaways
- • Three60 Energy, majority-owned by Simmons Private Equity, has acquired Pryme Group and Flexlife to create a £200 million industrially diversified global energy services business with 1,000+ employees.
- • The Aberdeen-headquartered firm aims to double its size within five years, leveraging a decommissioning wave in the North Sea as a primary growth driver, according to CEO Walter Thain.
- • Three60 Energy reported its "strongest year of growth to date," securing landmark UK decommissioning contracts and expanding its international operations across multiple energy sector verticals.
- • Established in 2017, the company has executed a deliberate acquisition strategy to expand its technical capabilities and service offerings to existing and new customers across the energy sector.
- • Arbuthnot Commercial ABL provided acquisition financing supporting the Pryme Group and Flexlife deals, underscoring institutional confidence in Three60's growth trajectory and market positioning.
Summary
Three60 Energy, a Simmons Private Equity-backed energy services platform, is executing an aggressive expansion strategy targeting a doubling of company size within five years. The Aberdeen-headquartered firm announced back-to-back acquisitions of Pryme Group and Flexlife, consolidating the three entities into a £200 million industrially diversified business serving the global energy sector. The combined platform now operates with more than 1,000 employees, positioning Three60 as a significant consolidator in the energy services space.
CEO Walter Thain has publicly flagged the North Sea decommissioning wave as a primary catalyst for near-term growth, suggesting the market opportunity aligns with the company's technical capabilities and geographic footprint. Three60 reported exceptional financial performance in its most recent fiscal year, describing it as the "strongest year of growth to date" while securing landmark UK decommissioning contracts. The company has also expanded internationally, diversifying revenue streams beyond its home market.
Since its 2017 establishment, Three60 has pursued a deliberate acquisition-led growth strategy, systematically adding complementary service offerings and technical expertise through bolt-on deals. The Pryme and Flexlife acquisitions represent the latest phase of this consolidation playbook. Financing for these transactions was facilitated by Arbuthnot Commercial ABL, which structured asset-backed lending facilities to support the combination. The backing from a major ABL provider reflects institutional validation of Three60's market positioning and debt capacity relative to its operating performance and asset base.
The expansion signals confidence in continued energy sector demand, particularly in the high-margin decommissioning services market where regulatory requirements and asset retirement obligations create long-duration contract visibility. Three60's strategy to build scale, diversify service lines, and capture geographic expansion aligns with the private equity thesis of platform consolidation in fragmented energy services markets.
CEO Walter Thain has publicly flagged the North Sea decommissioning wave as a primary catalyst for near-term growth, suggesting the market opportunity aligns with the company's technical capabilities and geographic footprint. Three60 reported exceptional financial performance in its most recent fiscal year, describing it as the "strongest year of growth to date" while securing landmark UK decommissioning contracts. The company has also expanded internationally, diversifying revenue streams beyond its home market.
Since its 2017 establishment, Three60 has pursued a deliberate acquisition-led growth strategy, systematically adding complementary service offerings and technical expertise through bolt-on deals. The Pryme and Flexlife acquisitions represent the latest phase of this consolidation playbook. Financing for these transactions was facilitated by Arbuthnot Commercial ABL, which structured asset-backed lending facilities to support the combination. The backing from a major ABL provider reflects institutional validation of Three60's market positioning and debt capacity relative to its operating performance and asset base.
The expansion signals confidence in continued energy sector demand, particularly in the high-margin decommissioning services market where regulatory requirements and asset retirement obligations create long-duration contract visibility. Three60's strategy to build scale, diversify service lines, and capture geographic expansion aligns with the private equity thesis of platform consolidation in fragmented energy services markets.
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