Energy services group Hunting has snapped up an Aberdeenshire subsea oil and gas production technology company for £25.6 million.
Hunting bought Enpro Subsea from members of the acquired firm’s management team and private equity house EVPE.
The deal includes a “potential maximum earn out” of £2.3m based on ebitda performance in 2020.
Enpro, whose headquarters are in Westhill, near Aberdeen, has subsidiaries in Ghana, Norway and the US and a headcount of about 40.
Its senior management team is expected to “continue” with Hunting, headquartered in London.
Enpro is focused on developing production boosting technology, with all manufacturing outsourced to third parties.
The new owner intends to bring much of that manufacturing in-house and use its broader customer base to increase sales of Enpro products.
Enpro, founded in 2011, was crowned company of the year at Subsea UK’s annual awards in Aberdeen last week.
Ian Donald, chief executive of Enpro, said: “Our technology offering has been utilised by major operators in key offshore development basins across the world.
“In joining the Hunting group we look forward to utilising its global operating platform to develop new customers and sales and to capitalise on this growing market segment.”
Hunting chief executive Jim Johnson said: “The acquisition of Enpro further strengthens Hunting’s subsea offering and adds a high technology product group to our portfolio.
“The offshore market continues to strengthen and we look forward to providing a wider technology offering to our customers who continue to seek lower cost, enhanced production and more efficient solutions to the production of oil and gas.”