A fast-growing Scottish energy services firm set up by a group of industry heavyweights has made its second acquisition within a year with a seven-figure deal.
Aberdeen-based Valor Energy Group, established to build a portfolio of companies offering specialist services to the oil and gas sector, has acquired electrical engineering business North Sea Power Solutions (NSPS). The move comes after Valor last year acquired another Aberdeen business, heavy oil recovery technology specialist Cavitas Energy.
It is understood a further deal is now in the pipeline as Valor looks to grow to a £25 million-plus turnover group by 2023.
NSPS, also based in Aberdeen, was established in 2012 by managing director Graeme Harper and its team of 12 provides electrical and procurement services across the energy industry. Harper said the company was already reaping the rewards of collaboration across the Valor group.
“It not only allows for additional business support, but will help us realise accelerated growth,” he said.
Jordan Ferguson, business development director at Valor, said: “The acquisition of NSPS is a significant contribution to our development strategy and will make a major impression in our ambitious growth targets across the business. We are delighted to welcome NSPS to the group during this exciting period of growth.”
Industry veterans including former Aisus Offshore director Graeme McNay and Dr Graeme Speirs of Polymer Holdings are behind Valor.
The NSPS deal comes amid a flurry of corporate activity seen in the oil and gas services sector in recent weeks as signs of improving confidence return.
Other deals in the sector have included Aim-quoted Plexus Holdings acquiring a 49 per cent stake in Kincardine Manufacturing Services, a precision engineering business which produces parts for the oil and gas sector. Plexus said the deal will provide it with access to machining capability that can support R&D development projects.
In December, Aberdeen-based Three60 Energy acquired Aberdeen-based North Sea Construction and Commissioning (NSCC), the fourth company to be added to the fast-developing energy services group which now employs some 320 people. The headquarters of NSCC will remain in the city and will be combined with Three60’s Step Change Engineering arm this year.