Gresham Private Equity-backed ICR Integrity, an oil and gas industry asset integrity specialist, has acquired the Kendal-based mechanical services provider Moss Mechanical On Site Services Ltd (Moss).
This is the second acquisition made by Aberdeen-based ICR Integrity since the group’s formation in July 2011, following Gresham’s buyout of Walker Technical, a specialist in composite repairs to pipework and structural assets for the oil and gas industry.
In October 2011, ICR also acquired corrosion monitoring experts NECE.
Headquartered in Kendal, Cumbria, with operations in Aberdeen, Moss supplies a range of on-site mechanical services, including specialist machining, bolt tensioning and engineering solutions, to the energy, oil and gas and defence industries around the world. Formed in 1999, it employs 60 people in Kendal and Aberdeen. The company has grown considerably in the last few years and today has a turnover of GBP5.5m.
Iain Wolstenholme, partner, Gresham Private Equity, says: “ICR Integrity’s acquisition of Moss is the second since our investment in the group last year and another building block in ICR’s buy-and-build strategy. The potential we have identified in the integrity, corrosion and repair sector is huge and provides ICR Integrity with significant opportunity for further growth, both organically and through acquisition.”
Willie Rennie, chief executive, ICR, says: “We are delighted to have acquired a company of MOSS’s calibre with such a strong market position and technical capability, combined with high standards of safety and customer service. The company is closely aligned with what ICR does, so complements our existing business. NECE and Moss have already worked together successfully on joint offshore projects, so it was an obvious fit for us.”
Darryl Dixon, managing director of Moss, and the other members of the management team will continue to lead the business in Kendal to drive future growth.
