Tekmar Group has signed a sale and purchase agreement for the acquisition of Pipeshield International from its founder Steven Howlett.
It’s the third acquisition of the Newton Aycliffe-based group since its admission to AIM in June 2018 and is continuing the strategy to acquire offshore energy businesses.
Tekmar says the deal further strengthens the group’s technology offering enabling them to offer more subsea protection in addition to current suite of products.
Pipeshield is a world leading technology provider of subsea concrete mattresses.
The 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.
The business, which is headquartered in Lowestoft, has manufacturing operations local to its primary markets, including Aberdeen, UAE, Saudi Arabia and Singapore.
The majority of Pipeshield’s production activity is undertaken at its new leased facility at Blyth in Northumberland, a major hub for offshore renewables activity in the UK.
Pipeshield currently employs 25 full-time staff, most of whom are technically focused, plus circa 15 contractors supporting the manufacturing process at any one time.
The business has four patents, protecting its core technology, and is fully accredited and independently certified including:
Tekmar Group CEO 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.”
Steven Howlett added: “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.”