ROV specialist Triton Group has acquired Lowestoft-based UK Project Support (UKPS) and its sister company Subco. The former provides specialist personnel services, while the latter offers ROV equipment rentals.
Triton, which was formed to create a group of companies focused on providing hi-tech remote intervention and control technologies and services, said yesterday it had snapped up UK Project Support (UKPS) and its sister company Subco for an undisclosed sum. The value of the cash and shares deal was not disclosed, but is understood to be in eight figures. UKPS has been supplying remotely operated vehicles (ROVs) and technical personnel to the subsea oil and gas construction industry worldwide since 1985, while Subco specialises in the rental of subsea equipment. Both businesses are based in Lowestoft, Suffolk.
The deal sees Chris Kemp, who owned UKPS, becoming a shareholder and director of the enlarged group.
Triton chief executive Martin Anderson said: "With key skills in short supply to the global subsea industry, the acquisition of UKPS adds an additional string to our bow.
"Triton Group, via its subsidiary PSS, has invested heavily in ROV personnel training systems and programmes, and this will complement the UKPS offering. Equally, rental of underwater equipment is becoming an increasing solution to meeting the demand for assets and Subco's experience in the rental business expands the range of commercial models we can now offer."
Mr Anderson said the addition of UKPS and Subco and the earlier acquisition of technology firm Perry Slingsby Systems were key elements of Triton's strategy to provide remote intervention equipment with complementary services.
Between them, UKPS and Subco have combined revenues of £16million and employ about 20 people. Triton is backed by private equity company SCF Partners and the Royal Bank of Scotland.