The Ocean Marine Group are pleased to announce the acquisition of NEWCO, for an undisclosed sum, continuing the strategic growth of the group and increasing the portfolio of services on offer to their clients.
Jeff Mountain, Group Chairman, commented “we have worked closely with NEWCO for a number of years, and the opportunity arose to acquire the company from the current Owners. The acquisition is another step in our diversification into new industries and our wider drive in the Blue Economy space. Our purchase of Newco allows the current owners to move towards Retirement, after a period of management transition, and for the Ocean Marine Group to further grow the business in line with our own objectives.“
NEWCO joins fellow companies ETPM, Pirie & Smith and UCO in the Ocean Marine Group, which is under common ownership and based in the North East of Scotland. The group provides services worldwide to a range of clients in the Energy, Aquaculture and Maritime sectors.
NEWCO will be headed up by Richard Smith, who is part of the existing Group Management team, and is tasked with managing the business unit and supporting the integration of the company into the wider group. He comments “I’m looking forward to working with Jim, Morag and the NEWCO team for the successful transition of the business, allowing them enjoy a well deserved retirement after building a successful and highly respected business. Our aim is to support the existing newco client base and develop new opportunities for growth within new markets and service lines”
The Ocean Marine Group provides a range of services in Marine, Offshore Energy and Aquaculture industries. The addition of this Engineering business allows the group to provide a wider product based capability to new and existing clients across multiple markets.