Proserv has made its third multimillion-pound acquisition in just 18 months.
The energy production technology services company has bought engineering player KRG Industries from Japanese firm Torishima.
KRG is a well-established provider of precision engineering services to the oil and gas, aerospace and defence industries.
The deal comes just eight months after Proserv acquired Australian-headquartered Velocious, a pioneering subsea intervention and tooling company, and integrated its 20 members of staff.
Proserv also took on US company Total Instrumentation & Controls (TIC) towards the end of 2012, adding a further 300 staff to the company.
The latest acquisition, which includes integrating all 170 personnel based at KRG’s Coatbridge headquarters and its Stockton-on-Tees facility, sees Proserv increase its talent pool to more than 2,200 employees.
David Lamont, Proserv’s chief executive, said: “Our plan for growth is to invest in complementary world-class technologies and build on our existing range of value-added products and services.
“The acquisition of KRG is a perfect strategic fit for Proserv. They bring a broad range of technical skills and experience but, most importantly, they share our core values and ambition to be the provider of choice to our customers and together, as one company, we are even stronger.
“It will be an exciting new partnership that enhances our integrated capabilities and creates significantly more capacity to develop our international business.
“It will also bring further positive benefits for employees and give them the opportunity to become involved in a broader, more diverse range of projects as well as considerable benefits to our fast-growing portfolio of clients through the delivery of an enhanced service capability.”
Nick Dalgarno, managing director of Simmons and Company International in Aberdeen, advised Torishima on the transaction.
He said: “This is an excellent deal for both parties, providing international opportunities for KRG management and staff while securing the supply chain for rapidly growing subsea firm Proserv, enhancing their competitiveness in an increasingly tight market.”
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