Two Aberdeen firms acquired for £63 million by Ashtead Technology

An Aberdeenshire subsea technology provider has completed the acquisition of two Aberdeen firms for £63 million.

Westhill firm Ashtead Technology has purchased Seatronics and J2 Subsea from Acteon Group.

Seatronics is an electronic subsea equipment supplier, while J2 Subsea provides  tooling products and services for remotely operated vehicles (ROV).

The deal means Ashtead has grown its workforce by more than 100, meaning it has tripled its staff numbers over the past year.

This is Ashtead’s ninth acquisition in the past seven years and will increase its rental fleet by around 30%.

Continuing a ‘remarkable journey’

Ashtead Technology chief executive officer Allan Pirie wants to work with a broader range of technology solutions and believes the Aberdeen acquisitions will help.

He said: “We are delighted to complete the acquisition of Seatronics and J2 Subsea.

“This transaction, the ninth we have completed in the last seven years, continues a remarkable journey of growth for the business.

“Bringing Seatronics and J2 Subsea into the group will allow us to provide a broader range of technology solutions to our global client base.

“This transaction strengthens our international footprint within the subsea survey and robotics market.

“We are pleased to welcome our new colleagues to Ashtead Technology, increasing the wealth of our in-house expertise.

“The combination of our three businesses will create one of the world’s leading subsea technology companies, with a rental fleet of almost 30,000 assets and a team of nearly 700 employees.

“With a relentless focus on innovation, excellence and collaboration, we are proud to be building one of the world’s leading subsea technology businesses.”

Ashtead Technology Aberdeen acquisitions

In order to facilitate the growth, Ashtead is also in the process of opening an additional hub in Kintore.

It will serve as a global centre of excellence for asset integrity solutions, ROV and diver tooling.

Seatronics and J2 have operations in Aberdeen, Abu Dhabi, Houston and Singapore.

Earlier this month, Ashtead also announced Colin Ross was appointed to the newly created role at Ashtead Technology.

Mr Ross has also joined the executive committee and will spearhead corporate strategy, marketing and communications.

The Westhill firm is looking to grow organically as well as through acquisitions. Last year, it completed the £53.5m purchase of Ace Winches.