NBGI Private Equity buys out Cosalt OffshoreCompany News // February 20, 2013
NBGI Private Equity, investor in Aberdeen-based ATR Group, has acquired the Aberdeen and Norway operations of Cosalt Offshore.
This will bring together Cosaltís technical leadership in offshore lifting, combined with its comprehensive offshore inspection, testing and safety service with ATRís†complementary global equipment rental service offering to the offshore maintenance sector.
The deal will stabilise the Cosalt business, which has been through a difficult period in recent years, safeguard jobs and provide funding to capitalise on international growth opportunities.
ATR chief executive Keith Moorhouse will lead the enlarged group. He said: ďThis deal will be welcomed by Cosaltís staff, customers and suppliers as an end to a period of uncertainty.
"Cosalt has an excellent technical and operational reputation and is an integral part of the supply chain of many of the energy sectorís leading oil service companies and operators. Cosalt and ATR will be pooling their significant resources and technical expertise to deliver a broad, integrated service offering to the oil and gas industry.
ďThe deal will bolster ATRís growth by opening up the Norwegian sector and improving its operational capacity through access to Cosaltís skilled engineers, technicians and inspectors and its substantial equipment hire fleet.Ē
Together ATR and Cosalt will employ almost 400 people with a turnover of £55 million and will seek to consolidate and grow the two businesses to over £100 million turnover organically and by acquisition.