Macquarie & SCF’s 2023 Buyout of Camin Signals New Era in Private Equity & Energy Transition

The acquisition by Metalmark in 2015 was a typical private equity buy aimed at scaling Camin Cargo Control’s footprint in a niche but essential segment of the energy supply chain: testing, inspection, certification (TIC), laboratory analysis, and fuel treatment services. Metalmark saw growth potential tied to global energy flows, regulatory complexity, and demands for greater product quality. [1]

Fast forward to 2023, and Macquarie Capital Principal Finance (with later involvement from SCF Partners) agreed to acquire Camin from Metalmark Capital. The transaction is a secondary buyout, underscoring Camin’s maturity and consistent performance, though Macquarie likely sees room for operational expansion particularly amid rising focus on renewable fuels and supply chain integrity. [2][4]

Camin’s operational footprint is significant: over 64 branches spanning roughly 19 countries across the Americas and Europe. Its services touch validation of fuel quality, regulatory compliance, laboratory analysis, inventory verification, and product testing at custody transfer points. Despite this scale, financials and the sale price were not publicly disclosed. [2]

Strategically, the investment thesis for buyers is supported by several tailwinds: increasing environmental regulation requiring tighter fuel standards, growing demand for renewable fuels (which have different testing requirements), and global logistics chains needing trusted third-party verification. Macquarie and SCF Partners are likely betting on both organic growth and tuck-in acquisitions to strengthen Camin’s lab capabilities and international reach. [2][4]

However, open questions persist: what was the purchase multiple, and how does Camin’s revenue growth trend under Metalmark? Can the company scale its quality control, especially with geographically dispersed labs, without diluting reliability? What are competitive pressures from other TIC players or vertically integrated oil companies expanding their own lab capacities? Finally, how will regulatory heterogeneity across countries—and the evolving rules for renewable fuels—affect margin stability and capital needs? These variables will impact the risk/reward balance for Macquarie and SCF’s investment.