Latest acquisition boosts presence in important Asia Pacific markets05th May 2008
Acteon has this week completed the acquisition of Singapore-based CAPE Group (http://www.capegroup.net/). The company, which employs 28 people and has an annual turnover of approximately $13 million, is well established in two main business areas in South East Asia: pipeline inspection, repair and maintenance, and foundations and piling. The company had recently become the main agent in the region for Acteon company MENCK, the world's leading provider of underwater hydraulic pile-driving hammers.
Richard Higham, group chief executive, Acteon, said, "We were attracted to CAPE by its strong reputation with the principal players in the region, its local market knowledge and, not least, the firm fit between its main areas of expertise and Acteon's existing service portfolio.
"The company also has an important dockside operations base in Singapore, which will act as a sales and service centre for other Acteon companies and support our strategic drive to increase the amount of business we do in this area of the world."
CAPE has worked hard in recent years to develop its offshore pipeline business under the banner of "Total Oilfield Pipeline Solutions". This initiative, which enables operators to deal with a single service provider for all their needs, will continue with particular emphasis on emergency pipeline repair work and pipeline decommissioning. The initiative will be reinforced by new close links to other Acteon companies with strong engineering and project management capabilities in this area, notably Claxton Engineering, Mirage Machines and InterAct.
Simon Hartog, who founded CAPE in 1999, will continue as managing director of the company. His experience of the offshore oil industry in the region is outstanding. He has lived and worked there for the past 30 years, first as a diver then in a series of increasingly senior roles in the offshore construction sector. He said: "CAPE has achieved significant success in the pipeline inspection, repair and maintenance market in recent years. Becoming part of Acteon will enable us to take this business to the next level."
CAPE is the latest in a series of strategic acquisitions made by Acteon over the past couple of years, all designed to enhance the group's ability to provide clients with a unique, linked service offering in the crucial area between the seabed and the surface.
Acteon was advised by Simmons & Company International Ltd.
CAPE Group was advised by Jacanda Capital Pty Ltd.
Source: °tes total communication