Aberdeen-based Dynamic Positioning Services Ltd (DPS) has been acquired by Triton Group Holdings for an undisclosed sum. This is the seventh acquisition for UK-based Triton Group Holdings since forming in 2007 with an ambitious strategy to build an international group of businesses offering a range of subsea technology and associated services.
DPS is a market leader in the sale, rental and repair of marine electronic equipment. Established in 1989 by managing director, Elaine Grant, the company has a turnover of £14million with 30 employees and works with some of the leading oil and gas companies around the world.
"DPS has a strong brand and an established reputation and will enhance our equipment rental offering, giving us a critical mass in the rental of underwater technology products," said Martin Anderson, chief executive officer of Triton Group Holdings. "DPS is a highly successful company with a talented workforce and attractive customer base. Their entrepreneurial spirit fits well within the group, which aims to harness the existing strengths and identity, innovation and customer base of all our companies, and develop them further through both organic growth and acquisition."
Elaine remains as managing director of DPS and becomes a shareholder in Triton Group Holdings. She said: "Being part Triton Group with its financial muscle and global coverage will enable us to accelerate our growth and achieve our ambition of becoming a global market leader."
Backed by Houston private equity firm, SCF Partners and supported by the Royal Bank of Scotland, Triton Group Holdings has acquired six other companies - Perry Slingsby Systems, Sub-Atlantic Limited, UK Project Support Ltds, Subco, Cynergetix Pty Ltd. and Geoscience Earth and Marine Services Inc (GEMS) in deals worth in excess of $140 million.
Mr Anderson concluded: "With a breadth and depth of capability Triton Group now specialises in the design, development, manufacture, sale and rent of remotely operated technologies and their system's components. We also offer engineering support, training and the supply of qualified technical personnel.
"We now have a well balanced business model with a global spread of complementary companies."