Gresham Private Equity-backed ICR Integrity has acquired asset integrity specialists North East Corrosion Engineers Ltd (NECE Ltd), in the first phase of the group’s expansion since its formation in July.
ICR Integrity was formed in July 2011 following the buy-out of Walker Technical Resources, the Aberdeen based specialist in engineered composite repairs for the worldwide oil and gas industry. Gresham’s investment commitment funded both the buy-out and the planned acquisition strategy, with acquisition debt facilities provided by HSBC. The acquisition of NECE is the first in an ambitious plan in the integrity, corrosion and repair niche, involving both acquisitions and organic expansion into overseas markets.
Headquartered in Aberdeenshire, NECE has been providing corrosion monitoring, oilfield microbiology, chemical monitoring and consultancy services to the oil and gas industry for 25 years. It has been part of the ABZ Group since 2005. The company employs 25 staff and has a turnover of £2.5 million.
Iain Wolstenholme (pictured), Partner, Gresham Private Equity, says: “NECE is a superb first acquisition for ICR Integrity. It has been clear to us for some time now that there is huge potential in the integrity, corrosion and repair sectors. This is just the first instalment of Gresham’s ambitious buy and build strategy for ICR.”
Chief executive of ICR, Willie Rennie, says: “The acquisition of NECE is an important first step in the planned growth of ICR Integrity. ICR will fully support and invest in NECE to build on and accelerate the excellent growth that the business has achieved over the past few years. NECE is at an exciting stage of development as it has recently added new services to its portfolio such as sand management and corrosion engineering. As part of ICR, the company will be able to accelerate plans for international expansion and add to their talented team of people.”
This is the second acquisition announced by a Gresham portfolio company this week. On Monday James Grant Group, the provider of management and professional services to clients within the broadcast media, music and sports sectors, acquired the entire issued share capital of Rabbit Vocal Management Limited, the leading London based Voiceover Management Company.
