£7M Acquisition by George Craig Group of Geoscan, Seatronics and GeoMac
Aberdeen-based shipping and oilfield services business George Craig Group, recently acquired two leading Scottish companies, and an ambitious US company operating in the marine electronic equipment rental market, in a £7million deal that establishes the Group as one of the world’s leaders in this market
The Group has acquired; Geoscan Group, which is based in Aberdeen, and whose main trading subsidiary Scantron, provides rental equipment for the marine survey, ROV and commercial fishing industries; Seatronics, with bases in Aberdeen, Great Yarmouth and Abu Dhabi, provides equipment and personnel for marine surveys and GeoMac, based in Houston, rents marine survey equipment.
The newly enlarged business will have a turnover of £8 million and employ 31 staff.
Douglas Craig, Managing Director of George Craig Group, said:
“Strategically, we have been looking for an appropriate opportunity to diversify and grow the Craig Group internationally, so that it is less dependent on the North Sea. This is an exciting investment with great potential from its bases in Houston, Aberdeen and Abu Dhabi, which will allow us to expand our services in the Mexican Gulf, Caspian and Middle East markets.”
Henry Lints, Deputy MD of George Craig Group, said:
“This is an important deal for our business as it establishes us, at a stroke, as the second largest provider of marine electronic rental equipment. Individually, each of the companies had a first class reputation in its sector but lacked the critical mass to grow. The acquisitions have enabled us to create a new group with the global reach and expertise now being demanded by clients. The previous owners, Neil Smith, David Currie, George McCaffery, Mike Stephens and Graeme Ross are continuing with the new group and are each taking an equity interest. We have ambitious plans for further expansion and look forward to developing our North Sea and international business.”
Jeff Corray, Director with KPMG Corporate Finance in Aberdeen, who advised on the deal said: “This is an excellent deal for all concerned and I am sure that we will see the George Craig Group continue to grow and expand its interests in this sector.”
