New owners for Ashtead TechnologyCompany News // April 15, 2016
Buckthorn Partners and the Arab Petroleum Investments Corporation (APICORP) have acquired Ashtead Technology. The undisclosed funding package from Buckthorn and APICORP will allow Ashtead to further expand its service offering through both organic and acquisition led growth. The investment will also enable Ashtead to expand its geographical reach, with the Middle East being a particular area of interest and focus for the company.
Buckthorn is a London-based investment firm, and APICORP a financial institution established by the ten member countries of the Organisation of Arab Petroleum Exporting Countries.
Since its launch in 1985, Ashtead has grown to become a leading independent provider of subsea technology and services to the oil and gas industry with a strong customer base built on trust and quality. The company has offices in the UK, Houston and Singapore.
Allan Pirie will continue to lead Ashtead’s management team as Chief Executive Officer. Nicholas Gee from Buckthorn joins as Chairman and Bennie Burger from APICORP also joins the board.