Aberdeen oil services company THREE60 Energy, majority-owned by Simmons Private Equity, has acquired sector stablemates Pryme Group and Flexlife to take its headcount to 1,000-strong, and declared it has “huge growth potential”.
Pryme Group and Flexlife were also controlled by Simmons Private Equity.
The enlarged THREE60 business will have annual revenues of around £200m.
THREE60, highlighting its presence in renewable energy as well as oil services, said: “The combined group will deliver innovative engineering, operations, and project management solutions across the asset life cycle, from design through to decommissioning.
“Underpinned by its unique portfolio of digital technologies, THREE60 is supporting the development and decarbonisation of traditional industries as well as delivering energy transition solutions.
“The company now has a 1,000-strong workforce worldwide. Its enlarged offering spans multiple sectors including oil and gas, onshore and offshore wind, carbon capture and storage, geothermal, nuclear, marine, defence and industrials.”
A spokeswoman for THREE60 said yesterday it had “acquired approximately 340 people from Pryme Group and approximately 20 people from Flexlife”.
She added: “This makes THREE60 Energy 1,000-people strong. It is not anticipated that today’s [acquisition] announcement will have any impact on employee headcount.”
Walter Thain, chief executive of THREE60, 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 life cycle.
“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.”
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He added: “We’ve created a £200m 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.”
Kerrie Murray, formerly chief executive of Pryme Group and now chief financial officer of THREE60, 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.”
Source: Yahoo! News
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