ICR Integrity Ltd has acquired Quickflange AS, which specialises in weldless pipeline repair and rehabilitation.
It follows the management buyout of ICR in March this year which was backed by Graphite Capital, a leading UK mid-market private equity specialist.
The latest acquisition marks a new phase of growth for ICR, which comprises firms including Walker Technical, North East Corrosion Engineers and Chemical Injection Utilities.
ICR Integrity chief executive Willie Rennie said the acquisition offers new opportunities for accelerated growth.
Mr Rennie said: “Our aim is to create a group of companies specialising in integrity, repair and maintenance in the global energy sector.
“Acquiring a company which is as technically and operationally strong as Quickflange, and has such a solid R&D capability driven by talented people, gives us the opportunity to offer our clients an even wider range of solutions.
“By implementing the successful buy-and-build strategy we have applied with our other acquisitions, ICR will support the substantial growth of Quickflange and invest in its workforce, technical excellence and geographical reach.”
Quickflange was formed in 2003 and is a leading provider of connection solutions for improved pipeline integrity and flow assurance.
The company has headquarters in Stavanger, a research and technology centre in Tvedestrand and offices in the UK, Brazil and Dubai.
It has 40 employees and a turnover of £10million.
The chief executive of Quickflange, Rude Haddeland, said: “Quickflange has a great synergy with the ICR group and its other integrity focused companies, and we expect this synergy will enable the development of the company’s capability and allow Quickflange to offer a wider range of services to existing and new clients.”
Quickflange will continue to be led by Mr Haddekand, along with other members of the management team.
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