ABERDEEN-based energy services firm THREE60 Energy has announced the acquisition of two other North-east firms.
Pryme Group and Flexlife joining with THREE60 Energy will create a £200million revenue business. The move will see 37 more employees joining approximately 300 staff based at Three60 offices in Aberdeen, on and offshore, with the company’s worldwide headcount growing from 650 to around 1,000.
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Founded in 2014, the Aberdeenshire-headquartered Pryme Group has grown threefold under the stewardship of Kerrie Murray, who will more to Chief Financial Officer in the new regime.
The group provides engineering solutions across the offshore wind, nuclear, defence and oil and gas sectors.
In 2021, Pryme acquired Flexlife, enabling them to support larger and more complex projects.
‘Transformative’ acquisition will unlock opportunities
Walter Thain, CEO of THREE60 Energy, said: “This is a really exciting time for everyone involved as we bring together the combined 50-year heritage of THREE60, Pryme Group and Flexlife to offer our customers innovative energy transition, engineering, operations, and project management solutions across the asset lifecycle.
“Our continued focus on oil and gas, nuclear, onshore and offshore wind, combined with our growing expertise in carbon capture and storage, hydrogen and geothermal, uniquely positions us as a trusted partner to support our customers across the integrated energy mix.
“We’ve created a £200 million group with the scale and capability to drive future growth, organically and through acquisitions.
“Our strong relationships, geographical reach and a unique portfolio of proprietary digital technologies, creates an inclusive and exciting future for everyone at THREE60.”
Murray, former CEO of Pryme Group, said: “This acquisition is truly transformative, not only for our customers’ operations, but also for our people.
“Together, we can leverage our technology solutions across the group, new sectors and geographies, to unlock opportunities and add value.”
The acquisition is subject to regulatory approvals. Simmons Private Equity (“SPE”) is the majority shareholder of both Pryme Group and THREE60 Energy.