Glacier Energy Services, a Glasgow-based international oilfield specialist, acquired Ross Offshore, an Aberdeen-based provider of heat exchanger repair and refurbishment services to oil and gas customers.
The amount of the transaction was not disclosed.
Maven Capital Partners has supported the acquisition, which will allow Glacier to accelerate its growth and support the process of developing the group into a specialist full-service engineering solutions business for the global energy market.
The company’s target is to achieve revenues in excess of £25m within three years.
Maven originally invested when Glacier was formed in 2011 to acquire Roberts Pipeline Machining, which designs and manufactures precision on-site portable cutting machines for blue chip oil and gas clients, and Wellclad, which provides weld overlay and cladding services for offshore subsea equipment.
Glacier Energy Services’ Offshore (Roberts) and Engineering (Wellclad) divisions now have combined turnover of more than £14m, and employ more than 100 staff, across the North Sea and international markets, from operational bases in Aberdeen, Glasgow, Newcastle and Singapore.
In June 2012, Glacier also acquired Newcastle-based Site Machining Services (SMS), a specialist provider of on-site machining to the global oil and gas industry. In July 2013, it opened its first international base in Singapore.
FinSMEs
25/08/2013