Tekmar Group has signed a sale and purchase agreement for the acquisition of Pipeshield International from its founder Steven Howlett.
Tekmar said this is its third acquisition since the admission to AIM in June last year and will continue buying offshore energy businesses with synergies that have a clear subsea technology focus.
“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,” said James Ritchie, Chief Executive Officer of Tekmar.
“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.”
Pipeshield, a provider of subsea concrete mattresses, is headquartered in Lowestoft and has manufacturing operations in Aberdeen, UAE, Saudi Arabia and Singapore. The majority of the company’s production activity is undertaken at its new leased facility in Blyth.
In the offshore wind sector, Pipeshield most recently secured a contract to supply scour protection for the East Anglia One offshore wind farm in the UK.
Tekmar’s latest deal in the industry includes the order of its patented Cable Protection System (CPS) TekLink Mechanical Latch for the Changhua offshore wind farm in Taiwan.