INDUSTRIAL services group Pyeroy has made two acquisitions to expand its geographical base and its range of capabilities.
The Gateshead-based business, which employs around 1,000 people, has bought £3m turnover Irish company CEI for an undisclosed sum and also acquired the scaffolding assets and a number of ongoing contracts from Teesside-based Spectrum Access Ltd, which was in receivership.
CEI, based in Cork, is an electrical instrumentation and data communications engineering contractor which has customers including Pepsi and pharmaceutical giants GlaxoSmith Kline and Pfizer.
Pyeroy’s managing director Hugh Pelham said: “This is a key strategic acquisition for us in an important geographical market.
“CEI is a well-established business and the new arrangements will enhance the range of services available from Pyeroy in Ireland and the UK industrial services market.”
CEI’s managing director Derek Byrne will join the Pyeroy board and will be responsible for all of its operations in Ireland.
Byrne said: “We’re delighted with the acquisition as it provides us with the ability to supply a range of alternative solutions to customers in difficult economic times.”
CEI’s team will be integrated into Pyeroy’s services, which operate across the industrial, construction and marine sectors and include insulation, civil engineering/building works and environmental management services such as asbestos removal.
Pyeroy’s services also include contract scaffolding hire and equipment hire, which is where the second acquisition comes in.
The company bought the assets of Stockton-based Spectrum out of receivership from accountants Tait Walker and has taken on a number of contracts Spectrum was handling.
The acquisition will support several private and public sector contracts regionally and nationally, including Royal Navy ship refits and the construction of the next generation of aircraft carriers.
It won the painting and scaffolding contract for the new Royal Navy supercarriers in 2009 in a joint venture with Cape.
Pyeroy, which has a £58m turnover, is also known for work on Britain’s landmark bridges. It won the contract last year to repaint Tower Bridge ahead of next year’s London Olympics and has also refurbished the Forth Road Bridge.
Via: www.nebusiness.co.uk