Lloyds Banking Group Provides $15m To Support RSS Growth In Middle East
Lloyds Banking Group's corporate markets team in Aberdeen has provided $15m million in extra credit facilities to Rental Solutions & Services Ltd (RSS) in order to support the power and cooling service provider's growth plans.
The funding package will be used to facilitate both geographic and product expansion plans in response to growing demands for the company's services in a global market worth £4 billion annually.
RSS, a global provider of rental power, temporary cooling and mobile water solutions, is part owned by Scottish director Bob Kidd, who is majority shareholder of ITS Tubular Services (Holdings) Ltd, a global Oil & Gas services group based in Aberdeen.
RSS has recently diversified into the wider Middle East in order to reduce its dependency on Dubai and Abu Dhabi, where some high profile clients include the Jumeirah Palm Islands, the Dubai Metro station, Aldar Abu Dhabi, Masdar University and Burj Khalifa, the world's tallest building.
During the summer months the company provides large scale temporary cooling solutions primarily for construction projects; it rents out power units during the rest of the year to ensure consistent and growing revenue streams.
With the assistance of Lloyds Banking Group, RSS has expanded its asset base, geographical coverage and range of services to better equip it for current and future market conditions. The deal highlights Lloyds Banking Group's ongoing commitment to support businesses with skilled management teams, strong balance sheets and solid business plans. This will now allow RSS to challenge for a bigger share of a growing market throughout the Middle East. RSS is now providing rental power and temporary cooling in Qatar, Saudi Arabia, Oman, Bahrain, Kuwait, Cyprus and Pakistan. Future geographic expansion will include Latin America, China, India, Africa and Mediterranean.
Milan Balac, Managing Director of RSS Ltd, said: "RSS has been extremely well supported by Lloyds Banking Group since our incorporation in 2007. We are very happy to have the bank as a business partner and to be able to announce this additional facility, especially during such horrid global economic conditions. This continued and very much appreciated support is testimony to RSS's strong financial performances and operational strength within the markets where we operate. This additional facility will be utilized to grow our business geographically and to introduce new products to our rental fleet. We certainly see significant growth areas which are clearly defined in our medium term plans and supported with detailed market data. With this additional funding in place we will start executing these plans immediately."
Graham Fiddes, Relationship Director with Lloyds Banking Group Corporate Markets in Aberdeen & North of Scotland, said: "We have enjoyed a very successful relationship with RSS since 2007. During this period the business has produced impressive financial performances based on an aggressive but balanced business model.
"Lloyds Banking Group is continually looking for ways to support the business community and this announcement is yet further evidence of the bank's open approach to lending. We are talking to more and more companies about their growth and recovery plans and enter the second half of the year with very high expectations in terms of the number and size of transactions and facilities we will deliver."
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