Tekmar Group plc has formally acquired Pipeshield International Ltd, a leading provider of patented subsea concrete mattress protection systems.
This is Tekmar’s third acquisition since its admission to AIM in June 2018 and is part of its continuing strategy to acquire technology-led offshore energy businesses. The acquisition will increase cross-selling opportunities and allow Tekmar Energy to extend the number of protection products it offers to existing customers for offshore projects.
Pipeshield, headquartered in Lowersoft, provides manufacturing operations to its primary markets including Aberdeen, UAE, Saudi Arabia and Singapore. The majority of its production activity is undertaken at Blyth, Northumberland. Its mattresses are used in the protection of subsea equipment such as pipelines and power cables within all marine environments, including offshore wind, marine renewables, oil and gas and marine civil engineering.
James Ritchie, Chief Executive Officer of Tekmar, said: “Pipeshield is a perfect fit for Tekmar. Its products are complementary, allowing us to upsell and expand our offering to clients, realising our Group vision. The business has many similarities with Tekmar from both end customers to markets but also most importantly it fits culturally. The business focusses on technology, as its key differentiator, and Pipeshield has outstanding credentials, which demonstrate its commitment to safety, quality and, above all, its people; these are key values which we embrace across all Group companies. I am truly excited by the prospect of adding the Pipeshield offering to Tekmar’s portfolio and I welcome Steve and his team to the family.”
Steven Howlett, Founder and Managing Director of Pipeshield, said: “Tekmar and Pipeshield have many similarities. We are industry-leading technology providers within subsea protection and share a similar history and culture. I am keen to see the business progress and believe that being part of Tekmar will accelerate the achievement of our long-held growth aspirations. I want to thank the Pipeshield team for all its hard work, getting us to this point, and highlight, to my staff and customers, that this change in ownership will only increase the opportunities for the business and our passion for delivering outstanding technical solutions. Other than that, it’s very much business as usual.”
North East commercial law firm, Square One Law advised Tekmar Group plc on the acquisition of Pipeshield International Limited.
Charlie Fielding, corporate partner at Square One Law, said “It was great to work again with James and the team on Tekmar’s latest acquisition. It provides an excellent opportunity for Tekmar to further strengthen its market position and expand its portfolio of subsea protection products to its customers, enabling the supply of products across the lifecycle of a project.”
James Ritchie commented: “We are grateful to Square One Law for the ongoing support we have received from Charlie and the team on our latest acquisition. They were proactive, responsive and provided commercial advice on key issues.”