October 11, 2019 @ 10:30 by Steven Hugill
A marine engineer says it has bolstered its market offering after sealing a £6.5 million deal for a fellow subsea operator.
Tekmar has taken on Pipeshield International.
The company is a global provider of patented subsea concrete mattress protection systems, which are used to safeguard underwater pipelines and power cables across the offshore wind, renewables and oil and gas sectors.
Tekmar, based in Newton Aycliffe, County Durham, says the business’ prowess makes it a “perfect fit” alongside its existing services, which include the flagship TekLink underwater cable protection system.
Bosses say it will increase “cross-selling opportunities” and provide scope for Pipeshield to draw on the expertise of Tekmar’s wider estate, which includes subsea engineering consultancy AgileTek Engineering Limited and geotechnical design and consultancy Ryder Geotechnical Limited.
They added it will also benefit from the mechanical engineering skills of Darlington-based Subsea Innovation, which is also part of the Tekmar family.
Under the terms of the deal, Pipeshield, which is headquartered in Lowestoft but has a production site in Blyth, Northumberland, will continue to trade under its own name and remain a separate legal entity within the Tekmar group.
Hailing the deal’s potential, James Ritchie, Tekmar chief executive, said: “Pipeshield is a perfect fit.
“Its products are complementary, allowing us to upsell and expand our offering to clients, realising our group vision.
“The business has many similarities with Tekmar, from both end customers to markets, but also most importantly it fits culturally.
“It focuses on technology as its key differentiator and Pipeshield has outstanding credentials, which demonstrate its commitment to safety, quality and, above all, its people. These are key values we embrace across all group companies.
“I am truly excited by the prospect of adding the Pipeshield offering to Tekmar’s portfolio.”
Steven Howlett, founder and managing director of Pipeshield, said joining the Tekmar family will “accelerate the achievement of our long-held growth aspirations.”
“Tekmar and Pipeshield have many similarities; we are industry-leading technology providers within subsea protection and share a similar history and culture,” said Steven, who will remain in his position at the business following the deal.
“I want to thank the Pipeshield team for all its hard work in getting us to this point, and highlight, to my staff and customers, that this change in ownership will only increase the opportunities for the business and our passion for delivering outstanding technical solutions.
“Other than that, it’s very much business as usual.”