A trio of company founders have sold off their offshore engineering business to a Texas-based firm for an undisclosed sum.
Wireline Engineering chairman Bill Petrie and Neil Hall, currently the company’s technical director, will leave as a result the sale to Dallas-based Impact Selector Inc (ISI).
Another founder and shareholder, Brian Semple, has retired.
Meanwhile, senior management team directors Alan Gordon, Alistair Inglis and Don Mitchell, will stay to work with the newly merged firm.
ISI, which has a small office in Dyce, was recapitalised by a US venture capital firm in December, Turnbridge Capital. The energy focused investor with offices in Dallas and Houston has also backed the acquisition of Wireline, along with Amegy Bank which provided additional funding in support of the transaction.
Mr Hall, 56, and Mr Semple, 61, established Wireline Engineering at Stoneywood, Aberdeen, in 1998, initially targeting the North Sea. The company moved rapidly to expand in the Americas and the Far East. The firm has offices in Lafayette and Kuala Lumpur.
Currently Wireline Engineering has 30 employees, bringing the combined group’s workforce up to around 80. A spokeswoman added the group has “plans for targeted recruitment”.
David Lane, President and chief executive of Impact Selector, said: “This new partnership of employees, products, services, and locations further expands our capabilities to provide operating efficiencies and cost saving solutions to our customers.”
Mr Gordon, managing director of Wireline, added: “It is highly unusual when two companies come together for there to be such a complementary fit – both in terms of their current organisation and future strategy.
“I am convinced the combined business will allow us to add even more value to our customers and provide new opportunities for all our staff.”
Todd Tomlin, partner of Turnbridge Capital, said: “We feel very fortunate to be partnered with the expanding Impact Selector and Wireline Engineering teams.
“In December of last year, we had the opportunity to join with the managers and employees of Impact Selector in the recapitalisation of their company. Together, our goals include further product line growth and geographic expansion.
“The combination with Wireline Engineering accelerates the pursuit of these strategies, and we are very excited about the product and market strengths now resident in the combined company.”
Johnston Carmichael served as financial advisor to Wireline Engineering, and Pinsent Masons provided legal counsel.
Burness Paull and Jones Day are legal counsel to Impact Selector.
The transaction was completed on June 30, 2015.
