Further growth on cards as Aberdeenshire pipeline specialist Stats Group bought by Australian peer in £73m deal
Aberdeenshire pipeline technology specialist Stats Group has been bought by an Australian company in a £73 million deal that should spark further investment.
The acquisition by SRJ Technologies Group combines the Scots firm with SRJ’s portfolio of “disruptive technologies” that are said to be well positioned to capitalise on global energy market growth and the transition to green energy.
SRJ is a publicly listed company on the Australian Securities Exchange. The deal is subject to customary conditions, including SRJ obtaining the required shareholder approvals, and is expected to close during the first quarter of 2022.
Stats operates from its headquarters in Kintore, Aberdeenshire, with operations in Canada, the US, the Middle East and Malaysia. Globally, the firm employs some 320 staff, with 160 located in the UK. It is understood that no redundancies are planned as a result of the takeover.
Leigh Howarth, chief executive of Stats, said: “We are truly excited by the prospect of this next stage in Stats growth.
“SRJ has acquired Stats for our market leading technology, our established global reach, excellent customer base and experienced and highly skilled staff. With its ASX listing and access to capital markets, this gives the combined businesses the platform to invest in strategic locations and product solutions that are yet to be developed to their full potential, offering job security and career enhancement for all.
“We are fully aligned with SRJ’s purpose and aspirations.”
Alexander Wood, chief executive of SRJ, said the deal would drive “long-term growth with meaningful revenue synergy opportunities”.
Howarth will join SRJ’s board of directors upon completion of the transaction while continuing as chief executive of Stats. Pete Duguid, chairman and founder of the Aberdeenshire firm, will remain with the business providing “strategic direction”, particularly in relation to key business development activities in North America.
Private equity investor Business Growth Fund (BGF), which has supported Stats since 2012, will realise its investment and exit the business.
Stats said its shareholders have executed a share purchase agreement to sell 100 per cent of the issued share capital of the company to SRJ Technologies Group. The transaction has an implied value of some £73.1m.
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