AN Aberdeenshire subsea oil and gas production technology company has been bought over in a £25.6 million deal.
Energy services group Hunting acquired Enpro Subsea from members of the 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, has subsidiaries in Ghana, Norway and the US and a headcount of about 40.
The company will continue to trade under the Enpro Subsea brand and operate with the existing senior management team.
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, Enpro chief executive officer, said: “This is an exciting and positive transaction which represents a new chapter in the successful evolution of the company.
“With Hunting, we see significant opportunity to globalise our business and to enhance delivery of our production enhancing subsea technologies and services to our valued customers.”
Jim Johnson, Hunting chief executive, 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.”
Established in 1874 and listed on the London Stock Exchange, Hunting maintains a corporate office in Houston and is headquartered in London.
The company also has operations in Canada, China, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the US.