Pryme Group, which is majority owned by Simmons Private Equity, has acquired Sengs Subsea Engineering Solutions Limited.
Established in 2012 by Murray Kerr, SengS is an Ellon based engineering company providing subsea engineering design consultancy, equipment testing and assembly, repair and refurbishment and rental of certain subsea equipment.
In a short period of time, SengS has grown quickly and established a brand of cost competitive, responsive and solutions focused engineering and testing services for its customers.
The company operates from purpose built facilities with state of the art testing capabilities, serving a number of operators, equipment providers and service companies. Notwithstanding the market challenges, SengS continues to grow its customer base and deliver strong earnings.
The acquisition of SengS enhances Pryme by bringing engineering design, specialist testing and assembly services to the group, another step in its strategy of developing a full outsourced manufacturing service for its customers.
SengS will also bring complementary customers to the group. Pryme, which already sells into other sectors such as aerospace, defence and general industrial, will seek to introduce SengS as part of its overall offering to customers in these sectors.
Murray Kerr, who founded SengS, will continue in his role as managing director of SengS and become a shareholder in the Pryme Group. He and his management team will have a continued focus on growing the SengS business along with exploiting the synergy potential of being part of the Pryme Group.
Lawrence Ross, Chairman of Pryme Group, said: “We have been impressed by the drive and ambition of Murray Kerr. In a short space of time he has grown SengS into a successful subsea engineering and testing company with a reputation for “can do” solutions for customers. SengS is responsive, cost competitive and creative. Exactly what the oil and gas industry needs as it continues to manage the cost curve downwards. We look forward to working with Murray and his team as part of Pryme Group.”
Murray Kerr, managing director of SengS, said: “Partnering with Pryme will allow SengS to continue to grow through expanding its capability offering for its current customers and providing access to new customers and sectors. I look forward working with the Pryme management team and Board as we continue to grow the group”.
Pryme Group offers a one-stop, turnkey service for global contract manufacturing, combining high quality machining with design capability, hydraulic services, fabrication skills, assembly and test and project management.
Simmons Private Equity is an energy-focused fund managed by energy specialist investment bank Simmons & Company International Ltd. It was established in 2008 to support the growth of small to medium-sized energy service businesses and has £160m under management.