Aberdeenshire offshore energy equipment firm Motive Offshore has acquired fellow Scottish firm Aquatic from Acteon Group.
As part of the deal, for an undisclosed fee, Banff-headquartered Motive will take over Aquatic’s operations in the UK, Singapore, the US, Australia and Norway.
Motive said the deal comes in response to “burgeoning market demand” for Aquatic’s range of flex lay equipment for offshore telecoms, wind farms and oil and gas assets.
Motive will also acquire and invest in Aquatic’s facility in Peterhead, adding to its existing Scottish bases in Boyndie and Kintore.
The company said the acquisition aligns with its strategy of targeting strategic locations and diversifying its rental fleet.
It also supports Motive’s goal to generate 75% of its revenue from renewables by 2025.
Motive said it is on track to achieve this goal, with 50% of its revenues so far in 2024 coming from the renewable sector.
The Aquatic deal marks the latest in a series of acquisitions for Motive in recent years.
The company completed the takeover of north-east Scotland firm Flowline Specialists in 2020 and Stavanger-based Pumptech in 2019.
The company now employs 335 people and operates in over 52 locations including Norway, Brazil, the Middle East, Taiwan and the US.
Motive itself received a multi-million investment from private equity firm H2 Equity Partners in 2022, with the combined group generating revenues of over £65 million.
Motive said this represents a 97% increase in revenues since H2 invested in the firm.
Aquatic and Motive Offshore
Commenting on the acquisition, Motive chief executive Dave Acton said: ““As an established and longstanding offshore business, we have valued Aquatic as a partner for some time, working closely together over the past couple of years.
“Its highly skilled engineering team and quality equipment make it a perfect fit for our business, both on a cultural and operational level.
“This move demonstrates our commitment to delivering specialist equipment to our customers in Scotland through investing in new facilities and in international locations where they need our services.”
Acteon Group acquired Aquatic in 2006, and the company was itself acquired by private equity investors Buckthorn Partners and One Equity Partners (OEP) in March.
Acteon chief executive Brice Bouffard said the sale of Aquatic marks the “initial step” in aligning the company’s portfolio with its long-term strategic goals.
“Aquatic has been an integral part of our business, and we are confident that it will continue to flourish and provide exceptional value to its global customers under Motive’s ownership,” Bouffard said.
“This divestment enables Acteon to concentrate on our core strengths, driving innovation and investments where we can have the greatest impact.”
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