Balmoral Steps Up Renewables Drive with Seaproof Buy
Aberdeen-based Balmoral Offshore Engineering has acquired Norwegian manufacturer, Seaproof Solutions, to accelerate its expansion into the offshore renewables market and strengthen the UK’s position as a major content provider for the offshore wind sector in particular.
Established in 1989, Bergen-based Seaproof designs and manufactures advanced cable protection systems, bend stiffeners and flexible J-tubes and is forecast to generate sales of NOK 140 million (EUR 14.6 million) in the current financial year.
Bill Main, financial director at Balmoral, said: “This timely acquisition will help our drive into the developing renewables sector. The combination of Balmoral’s innovation and processing expertise with Seaproof’s considerable market presence presents a compelling offering.”
Balmoral Offshore Engineering, part of Balmoral Group, made the acquisition for an undisclosed sum and will retain the current management team and workforce totalling some 37 people at the Seaproof plant. The company will continue trading and manufacturing under that name as a division of Balmoral.
“The move opens up significant potential in the UK market for Seaproof, something we are very keen to develop. Both organisations see substantial opportunities for growth in the future,” Henrik Bang-Andreasen, founder and CEO of Seaproof, said.
The acquisition comes at a time of growth for Balmoral with the recent opening of its GBP 20 million (EUR 23.2 million) subsea test centre in Aberdeen, a GBP 10 million investment in ACE Winches and the completion of a GBP 10 million industrial tank manufacturing facility in South Yorkshire in 2017.
Balmoral’s chairman and managing director, Jim Milne, said: “We have a natural entrepreneurial spirit within the company and are always seeking opportunities. I am confident this platform will open new doors for us and we are excited at the prospect of working with the Seaproof team.”