New oil and gas service company Glacier Energy Services was launched yesterday following the acquisition of two Scottish manufacturing firms.
The deal for pipeline machining company Roberts and welding service specialist WellClad is part of the strategy of building a global oilfield service group.
The two Motherwell firms, which made up MBAe Oil and Gas, were acquired from MB Aerospace Holdings for an undisclosed sum.
Glacier’s manufacturing will remain in the central belt, but the head office will be in Aberdeen.
The new firm has been formed by three experienced oil and gas professionals: chairman Scott Martin (ex-Petrofac), chief executive Dave Sturrock (ex-Triton Group) and strategic director Ciaran O’Donnell (ex-CSL).
Norman Roberts and Robert Hutcheson, the directors of MBAe Oil and Gas, will join the new management team at Glacier.
Roberts and WellClad employ 30 people at Motherwell, but numbers are expected to grow quickly in the Lanarkshire town and in Aberdeen.
Turnover at the two firms last year was about £4million and this figure is anticipated to jump significantly in the years ahead.
Mr Sturrock said: “Our vision is to provide customers with world-class technologies and exceptional service.
“Both the acquired companies, based in Scotland’s manufacturing heartland, boast a proven track record and a solid oil and gas customer base.
“Glacier will add and enhance their existing products and services through organic growth and strategic acquisitions.
“From our headquarters in Aberdeen, we will be able to promote these technologies to the international oil and gas market, capitalising on the management team’s oil and gas knowledge, expertise and contacts and the strong resurgence in the UK manufacturing sector.”
Yesterday’s deal follows an £8million investment in Glacier from Maven Capital Partners, Simmons Parallel Energy and debt finance from Clydesdale Bank.
Jock Gardiner, a partner with Maven, said: “We are very impressed with the vision that the Glacier team has for the business and look forward to supporting them as they grow the operation and take full advantage of the significant opportunities that exist.”
Frank Summers, head of Simmons Parallel Energy, added: “We are investing in a robust business with great products. We believe that the management team will be able to become a significant oilfield services company, building on the strengths of the businesses they have acquired to capitalise on the opportunities available in growing global markets.”
Bill Blacoe, acquisition finance director with Clydesdale, said: “Glacier is the perfect example of a business with a solid reputation and financials, now well positioned for growth with strong financial backing and an excellent management team.”
Ritson Smith acted as lead adviser to Glacier during the transaction.