North-east company Ramco Tubular Services (RTS) has snapped up Norway’s Pipetech International in a multimillion-pound deal.
It comes just a year after the Portlethen-based parent of RTS, Ramco Oil Services (ROS), itself changed hands for £30million.
Pipetech – whose chief executive, May Britt Lilletvedt is now on the RTS board – specialises in advanced and environmentally friendly, water-based cleaning technologies for the energy sector.
Bosses at the Stavanger firm hope the acquisition by RTS of a controlling stake will help it to establish a permanent UK presence and grow business offshore.
No one will say exactly how much the deal was worth but it was financed by fresh investment from Ramco’s management and private equity backer LDC, with Clydesdale Bank providing extra debt facilities.
LDC, part of Lloyds Banking Group, paid Edinburgh-based Teasses Capital £30million for a majority stake in ROS a year ago.
Teasses had acquired the controlling interest in 2005, when it backed a a £14.1million management buyout led by managing director Stewart Cumming and commercial director Malcolm Edward.
ROS was previously part of Aberdeen-based Ramco Energy, which later became SeaEnergy.
Mr Edward, who now heads up the RTS division, said the acquisition of Pipetech, would allow the north-east business to grow the range of tubular and pipe services it offers.
He added: “Pipetech has already demonstrated in Norway that it can offer a highly valuable solution to its customers in helping solve problems and reduce shutdown time and, in turn, costs.
“We look forward to working with the Pipetech team to help grow the business further both in Norway and internationally.”
Mark Kerr, LDC’s director of oil and gas, said: “When LDC announced our initial investment in Ramco last year we said we looked forward to growing the business. This Pipetech acquisition is a significant step in helping realise the full potential of one of the sector’s most exciting companies.”
RTS has also announced the appointment of Lindsay Young, a former UK operations director at Aberdeen-based RBG, as its international business development director. As well as helping to expand the division’s overall business overseas, he is responsible for driving the growth of Pipetech in the UK.
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