RSS gets $15m Lloyds funding
Dubai, August 15, 2010
Rental Solutions & Services (RSS), a global provider of rental power, temporary cooling and mobile water solutions, has secured $15 million credit from Lloyds Banking Group to support its regional growth plans.
The Llyods Bank had provided the extra credit facilities to RSS through its corporate markets team in Aberdeen.
RSS said 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 is part owned by Scottish director Bob Kidd, who is majority shareholder of ITS Tubular Services (Holdings), 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.
Some of its 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, said a top official.
The deal highlights Lloyds’ 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, said the company has been extremely well supported by Lloyds Banking Group since its 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,' he added.
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,' he added-TradeArabia News Service