Shipping services giant Clarksons has snapped up an Aberdeen-based maritime tool supplier in a deal potentially worth up to £12.7million.
Gibb Tools, based in King Street, was founded in 1933 and supplies engineering tools to the North Sea oil industry.
The firm, which was acquired by Clarksons’ port and agency subsidiary from managing director Iain Clark and his family, as well as employees, has a workforce of about 30 people.
London-based Clarksons said the move significantly increased the capability of Clarkson Port Services to tender for larger off shore and renewable-energy contracts. Group chief executive Andi Case added: “We are excited to welcome Gibb Tools into Clarksons.”
Clarksons said an initial consideration of £5.7million in cash and £500,000 in 22,645 ordinary shares in the group was paid on completion. Up to £1.7million of further cash may become payable after balance sheet adjustments, while a deferred sum of £3million is due two years after completion.
In addition, the previous owners could receive up to £1.8million more if performance targets are met.
Clarksons said it expected the deal to add about £2million a year to its pre-tax profits.
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