Front Row Energy Partners, a consortium of upstream industry experts who put money into oil and gas businesses alongside other investors, has completed its third acquisition in a year.
The latest involves Aberdeen firm CR Encapsulation (CRE), which employs 30 people at Altens Industrial Estate.
Ritchie Grant and Craig Simpson, who were co-owners, said yesterday they had sold a majority stake in the business to Front Row – whose directors include former Expro chief executive Graeme Coutts – for an undisclosed sum.
CRE, founded in 2002, is a designer and manufacturer of connectors and harness assemblies for remotely operated vehicles.
Mr Coutts is now the firm’s non-executive chairman.
Incoming managing director Robin Mair is supported by finance director Joe Murdoch, a former chief executive at Aberdeen-based Richard Irvin Services Group.
Mr Coutts said: “We saw an opportunity to invest in an established and profitable business operating in a sector we know well and where there are very positive market dynamics.”
A statement from Mr Grant and Mr Simpson said: “There are clear opportunities in new market segments . . . and we believe that by bringing Front Row’s expertise on board, we will accelerate growth into these new markets.”
Front Row also owns Aberdeen firm Well-Centric Oilfield Systems and earlier this year snapped up Fife-based subsea manufacturer HCS Control Systems in a £9million deal.
Recommended for you
