Aberdeen-based 3t that provides training to sectors including energy raises £80m to fund acquisition spree

3t, which has made many purchases in its own industry in recent years including Petrofac’s Scottish training arm, and Aberdeen-based offshore training company Survivex, has revealed that it has issued bonds on the Norwegian Stock Market, raising $100m (£80m).

The private equity-backed firm said the step comes as it gears up for “ambitious” global expansion plans, adding: “With a clear vision for the future, and a commitment to innovation in training and learning technology, 3t is now poised to capitalise on emerging growth opportunities that will see [it] deliver further value for its global customer base, prospective customers, and investors.”

The firm says its offering, including immersive blended learning, re-skills and up-skills people and workforces internationally across safety-critical industries such as energy, renewables, marine, construction, gas, power and water – and claims to be the top provider of training to the UK energy and global offshore wind sectors, for example. As well as two sites in the Granite City, it has offices around the UK in the likes of Montrose and Glasgow and in overseas locations including Texas, Dubai, and Guyana.

Kevin Franklin, chief executive of 3t, said: "This financing will provide us with the necessary resources to pursue strategic opportunities we have on the horizon complementing our existing capabilities. These plans will accelerate our expansion into growing markets, ultimately fortifying our position as the industry frontrunner.”

3t is backed by specialist private equity firm Bluewater, which bankrolls firms operating in the energy transition, and whose partnership model is credited with helping the training specialist drive its growth strategy, with its projected run-rate revenues about $100m as FY24 closes.

Franklin added: “This financing underscores the confidence of investors in 3t, our growth prospects, and strategic vision. We are excited about the opportunities we have lined up for this year, and beyond, and remain committed to driving value for our customers throughout the world and to continue leading the way in addressing international skills shortages.” 3t partnered with Arctic Securities and Pareto Securities as joint backers, facilitating initial investor attraction.