Oilfield service group Aker Solutions has boosted its presence in Aberdeen after buying a majority share of Enovate Systems in a multimillion-pound deal.
Aker said it had already worked with the Granite City-based subsea technology business for several years, but would now invest in the firm’s capacity and products following the acquisition.
The value of the deal was not disclosed, but it is understood to be worth more than £30million.
Enovate, set up in 2002, is majority owned by its four directors – Jeff Edwards, Neil Brown, Martin Morrison and David Rankin – who will all remain with the company. Founder Mr Edwards has the biggest single shareholding.
In its latest financial year, Enovate – which employs 62 people – turned over £15million and recorded earnings before interest, taxation, depreciation and amortisation of £5million.
Mr Edwards said: “Aker Solutions is a company with significant in-house opportunities for our technology and with the required scale and reach to help us grow our own capacity and ability to serve clients internationally.”
Aker now employs about 2,800 people in and around Aberdeen, having taken on 350-plus workers in the past year. It wants its north-east workforce to grow to 3,200 by 2015, which would make it one of the area’s biggest employers. Matt Corbin, managing director of Aker Solutions’ subsea business in the UK, said: “Adding Enovate to our already substantial workforce in Aberdeen is a great step forward for Aker Solutions and further evidence of our commitment to the region.
“Enovate is a highly innovative organisation with a fantastic technology portfolio which we believe can make a real difference in the industry.
“While Enovate will continue to operate as an independent organisation, Aker Solutions is committed to helping it continue its growth journey.”
Oslo-based Aker said the deal was conditional on approval from competition regulators in Norway.