Thu, 10 Oct 2019 | BUSINESS SALE
Tekmar has successfully acquired Pipeshield from its founder and managing director, Steven Howlett, in a deal worth £6.5 million. This acquisition is Tekmar’s third since it floated in 2018.
Headquartered in Lowestoft, Pipeshield provides subsea concrete mattress services – the majority of which is manufactured at its new facility in Blyth, Northumberland. The mattresses are primarily used to stabilise subsea equipment and protect them from impact; they are particularly instrumental in limiting the erosion of the seabed, and in establishing the foundations of marine ports and pipelines.
Tekmar’s acquisition of the company will allow it to tap into Pipeshield’s markets, which include Aberdeen, Saudi Arabia, and Singapore.
Chief executive of Tekmar, James Ritchie, 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 focuses 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."
Howlett will stay on in his role as managing director following the acquisition. He commented: "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."
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