Cape plc broadens its portfolio after spending £6 million purchasing Redhall Engineering.
Energy services giant Cape plc, have announced in a press release that they have acquired Redhall Engineering Solutions Limited (“Redhall Engineering”), for a total of £6 million.
The acquisition will be funded from the Group’s existing debt facilities and is expected to be earnings enhancing in the current financial year.
Redhall Engineering employs approximately 420 people, primarily located in the UK and had revenues of £30.1 million for the year ending 30 September 2014. The business predominantly operates in the process and downstream oil & gas industries and provides a range of maintenance services including specialist pipe welding and repair, tank repair, bundle pulling and shutdown services.
Commenting on the acquisition, Joe Oatley CEO of Cape said:
“The acquisition of Redhall Engineering is in line with our strategy to broaden the Group’s portfolio by adding adjacent services and will allow Cape to offer a broader range of maintenance services to our key clients within the UK. Redhall Engineering has a strong management team and a highly skilled workforce and I look forward to welcoming them into the Cape group”