Deal opening new markets
MIDDLESBROUGH-BASED Wilton Engineering Services is set for expansion on the back of the takeover of a Scottish company.
Driven by the buoyant oil and gas sector, it has acquired Project Design and Management Services (PD&MS), of Aberdeen, for an undisclosed sum.
The deal sees the expanded company - which quadrupled its staffing to 200 during the last three years - grow its workforce to 250 and almost double annual turnover to more than £30m.
Situated on the River Tees at its Port Clarence offshore base, Wilton Engineering provides bespoke fabrications to the offshore and petrochemical industries and was initially founded in 1994 by directors Bill Scott and Steve Glenn. PD&MS is an expert in oil and gas technical support, engineering and project management services.
David Soleley, chairman of Wilton Engineering, said the deal would allow the company to grow its customer base, move into new markets and secure new UK and overseas clients.
The acquisition was funded by the Royal Bank of Scotland and brokered by accountants Clive Owen and Co, of Darlington, with Dickinson Dees, of Teesdale, providing legal advice.
The deal is further evidence of a strong global oil and gas sector - which has Tees Valley the is reaping rewards. Last month saw the reopening of the Haverton Hill shipyard, near Billingham as work got under way to build two state-of-the-art drilling rigs.
Almost ten years ago the region’s offshore industry was hanging by a thread. After months of speculation then owner Kvaerner closed its Port Clarence yard as work ran out, cutting 1,000 local jobs
In 2006 Wilton Engineering Services bought the Port Clarence yard, moving its operations from Hartlepool to the 30-acre site last year.
