Triton Group acquires Equipment & Technical Services
Posted on 20.01.2009 - 11:00 EST in ACQUISITION/MERGER NEWS by Rons_ROV_Links
Triton Group has just completed its ninth acquisition since forming in 2007. The deal to acquire Houston-based Equipment & Technical Services Inc (ETS) cements its position as a fully comprehensive global subsea technologies and services company.
Backed by Aberdeen and Houston-based private equity company, SCF Partners, Triton Group now comprises eleven companies focused on providing state-of-the-art technology and services to the rapidly expanding international subsea oil and gas sector.
ETS employs 16 people with a turnover of $11 million and is a US leader in the development, sale and rental of equipment and software for offshore survey and marine applications.
Commenting on this latest acquisition Martin Anderson, chief executive officer of Triton Group, said: "With a strong brand and reputation in the US, ETS continues the expansion of our global rental service model. ETS' offering is complementary to that of other companies in our group, particularly Dynamic Positioning Services (DPS) and gives us a critical mass in the rental of underwater technology products as well as strengthening our presence in the North American market.
"We now have a very well balanced business model with a global spread of complementary companies." Clydesdale Bank's Edinburgh Corporate and Structured Finance team and HSBC's Aberdeen Leveraged Finance team provided acquisition and working capital funding for the transaction. They now join Triton's existing bank, RBS, in a new banking club.
"Triton is pleased to have Clydesdale and HSBC in our banking club. The inclusion of both banks provides us with access to further facilities to keep us on the acquisition trail," added Mr Anderson. "
As an emerging market leader in subsea products and services, Clydesdale Bank is delighted to support Triton in its continued expansion," said Alan Hamilton, Director at Clydesdale Bank's Corporate & Structured Finance team. "ETS is an excellent strategic fit within Triton's global business model and will further strengthen the group's position in its core markets."
Steve Hewes, Director of HSBC's Aberdeen Leveraged Finance team commented: "We view this as an excellent opportunity to develop a long and valued relationship with the experienced management team of a market leading business. The geographic footprint of the business fits well with the HSBC reach of operations and as the business continues its growth strategy we are well placed to provide further support."
Stuart Roberts, head of structured finance at RBS in Aberdeen, said: "This is another excellent acquisition for Triton Group and gives the business even more strength in depth. We're pleased to continue our long-standing relationship with Triton."
In line with the group's acquisition strategy, ETS President, Andy Bogle, and Vice President, Mike Knight, will remain with the company and become shareholders of Triton Group.
Mr Bogle said: "Being part of Triton Group with its financial muscle and global coverage will enable us to accelerate our growth and build on our already successful collaboration with DPS which was also recently acquired by Triton."
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 systems' components. The group also offers engineering support, training and the supply of qualified technical personnel.
The companies in the group are Perry Slingsby Systems, Sub-Atlantic, UK Project Support Ltd (UKPS), Subco, Cynergetix Pty Ltd, Dynamic Positioning Services Ltd (DPS) and Geoscience Earth and Marine Services Inc (GEMS), VisualSoft, VMAX and Seafloor Geoservices Inc (SGI) and ETS.