Aberdeen businessman Mark Cavanagh has acquired Inverurie-based asset-management efficiency specialist Arnlea Systems.
It was sold by First Tech – a company controlled by Granite City businessman Ian Suttie – for an undisclosed amount.
Arnlea solutions help oil and gas operators and service providers to manage assets in a smarter and more efficient way by giving greater visibility of the condition and location of equipment and materials, while demonstrating safety compliance, equipment integrity and workforce competency.
The company has annual turnover of £1.5million with 11 employees operating globally and is forecasting 30% growth in the next 12 months.
The management team, headed up by managing director Kevin Boyd, and all the employees will be remaining with the business under its new ownership.
Mr Cavanagh has major shareholdings in several north-east companies, including XPD8 Solutions, NexusAB and OIE Services. He also owns city restaurants No 1. Bar/Grill and Fusion Bar and Bistro.
Commenting on the deal, Mr Cavanagh said: “It is very much business as usual for customers, suppliers and staff.
“With oil and gas operators focused firmly on safety, integrity and efficiency, Arnlea has significant growth potential particularly in the areas of asset-integrity inspection and asset tracking. I aim to work with the management team to exploit all opportunities to build a strong international business.
“While all very different, there is a natural fit and potential synergy between several of my businesses and the aim is to capitalise on that.
“XPD8 and Arnlea already work together and we will be exploring new opportunities for collaboration.”