OILFIELD specialist Glacier Energy Services has completed its fourth acquisition in two years in a move that will boost its turnover to more than £15 million.
The group, which was formed in 2011 following a management buyout of MB Oil and Gas, said the “multi-million-pound” deal to acquire Ross Offshore would see it establish a new offshore divisional headquarters in Aberdeen. Glacier now has some 110 staff across operational hubs in Glasgow, Newcastle and a recently opened south-east Asia base in Singapore.
In line with Glacier’s other businesses – Roberts Pipeline Machines, Site Machining Services and Wellclad – the Ross Offshore brand will be retained and operate within the wider group.
The latest deal – understood to be below £5m – will see Ross Offshore’s founder and managing director, Toby Ross, continue to lead the business.
He said: “The acquisition allows Ross Offshore, as part of the Glacier group of companies, to fuel significant growth and achieve even more success by broadening our service.
“Working closely with our fellow Glacier companies we expect to increase our client base and market share, by delivering significant value to offshore projects through a combined high-standard offering in technical services.”
Mark Derry, managing director of Glacier’s offshore division, described Ross Offshore as a “natural strategic fit” for the company.
He added: “Ross Offshore’s equipment and technology support capability complements Site Machining Services’ specialist engineering offering, allowing us to deliver high-quality solutions including installation, repair, refurbishment and replacement of heat exchangers.”
Glacier said it expected to undertake further deals “in the coming months” as it looks to ramp up skills in a number of areas.
The division HQ will be located at Ross Offshore’s existing facility at Peterseat Drive in Aberdeen.
Glacier’s last deal was in June 2012, when it acquired Site Machining Services, a specialist onsite engineering provider. That company is said to have experienced “significant growth” since it was founded in 2006.
Commenting on the purchase of Ross Offshore, Glacier group chairman Scott Martin said: “Glacier is successfully building for the future and through Ross Offshore, with which the group has a long-standing relationship, there is excellent further growth potential for the business.
“Bringing Ross Offshore on board is another key element of our growth-through-acquisition strategy, supported by investment from Maven Capital Partners and Simmons Parallel Energy.”