Dundee's Pryme Group powering up by merging with offshore specialists

Dundee-based manufacturing-focused Pryme Group has today merged with two offshore specialists in a move seen as helping it accelerate the transition to clean energy sources.

The firm, which provides a turnkey service for global contract manufacturing, is joining forces with Caley Ocean Systems and IMES International. Terms of the deal, which is expected to create a business with broad capabilities supplying products and services to the energy, defence and other industrial markets, have not been not disclosed.

The transaction is also providing Pryme Group with an on-the-ground presence and technical capabilities across the key locations of Aberdeen, Dundee, Ellon, Glasgow, Morecambe, Newcastle, Plymouth, Portsmouth, Renfrew, Rosyth and Sheffield, through a team of 260.

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Glasgow-based Caley Ocean Systems has 50 years’ experience of designing, manufacturing and testing offshore handling offerings used in, say, launch and recovery systems, pipe deployment, and deep-water lowering.

Kerrie Murray, who has been CEO of Pryme Group since 2020, will lead the new merged organisation. Picture: contributed.Kerrie Murray, who has been CEO of Pryme Group since 2020, will lead the new merged organisation. Picture: contributed.
Kerrie Murray, who has been CEO of Pryme Group since 2020, will lead the new merged organisation. Picture: contributed.
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Most recently, it has developed tooling and foundation gripper for the offshore wind sector. Caley provides full project-management services and flexible on-site support for lifecycle maintenance and asset-management, as well as equipment and personnel deployment.

Aberdeen-based IMES International – formerly part of the Seanamic Group – delivers an independent inspection, monitoring and testing service for fixed and loose lifting equipment, and engineering design consultancy.

The merger aims to expand the capabilities of the group across design, engineering, project-management, assembly, testing and servicing, as well as proprietary high-pressure liquid and gas equipment and specialist lifting services. It should also allow for the extension of its services in the renewables and nuclear markets.

Kerrie Murray, who has been chief executive of Pryme Group since 2020, will lead the new merged business. She said: “The combined business will have a greater regional footprint with broader resources and capabilities, enabling Pryme Group to support larger and more complex projects than ever before. This will create a strong, resilient business, well-positioned to support customers across a range of sectors from energy to defence to industrials.

“By bringing these successful businesses together, we have the opportunity to grow the group, invest in our people, strengthen the range of products, services and solutions for our customers, and extend our offering in new areas such as the energy transition.

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“Renewable energy capacity in the UK is expected to more than double by 2030, and we have the capabilities and experience within the group to support this important move to clean energy sources.”

David Hutchinson becomes the newly combined business’ director of business development, but will also remain head of Seanamic Group and Flexlife. He said: “The combined capability of this new group is vast, and so my focus will be expanding the group’s presence into new and existing markets, as well as showcasing our combined product and service offering.”

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Simmons Private Equity (SPE) is the majority shareholder for both Pryme Group and Seanamic Group, and will continue in that role after the merger.

Jason Smith, a director at SPE and member of the Pryme Group board, said: “Through this merger, we are creating a market-leading manufacturing and testing company with the critical mass to support multiple industrial sectors, which includes oil and gas, offshore wind, defence and nuclear, as well as the critical work needed to accelerate the energy transition.

“We will target further growth in these areas as an enlarged, and enhanced group.”

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