Aberdeen-based energy service group ICR Integrity said yesterday it had made its second acquisition in less than a year.
ICR, which specialises in integrity and maintenance, said it had taken over Moss Mechanical On Site Services, a Cumbria-based mechanical service business with an operation in the Granite City.
The purchase of Moss, understood to be a deal worth several million pounds, comes just over a year after ICR was formed by a secondary buyout of Granite City-based Walker Technical Resources.
Late last year, ICR also acquired North East Corrosion Engineers (Nece), of Foveran.
ICR chief executive Willie Rennie said the Moss activities complemented the Aberdeen firm’s business, adding: “Nece and Moss have already worked together successfully on joint offshore projects, so it was an obvious fit for us.”
He said the acquisition would also create further opportunities for ICR in the energy and defence sectors, adding: “We look forward to investing in the further development of Moss.
“We are already looking at creating new positions within the business to accelerate growth and expanding the capability of the company by introducing new services.”
Moss has annual turnover of £5.5million and employs 60 people, while ICR has group turnover of £20million and a 125-strong workforce.
Moss managing director Darryl Dixon said: “By joining forces with the other ICR companies, and broadening our expertise and international market reach, we are able to provide a wider range of services to our clients in a greater number of markets. The additional management support and investment from ICR will help us accelerate our growth plans across the business and enable us to further develop the capability and service we offer our existing customers.”
Mr Dixon will continue to lead Moss, but will report to ICR chief operating officer Andy Bruce.
Funding for the deal was provided by HSBC and venture-capital firm Gresham Private Equity, which backed the ICR buyout transaction in July 2011.