UK-based industrial services firm Cape has acquired Scottish engineering contractor Motherwell Bridge in a $63-million deal.
Cape said the acquisition will provide Lanarkshire-based Motherwell with the resources to significantly grow its business by allowing it to take on larger projects in overseas markets and increase its service offering. Motherwell, which employs around 300 people, is a leading provider of storage tanks, gasholders and heat exchangers in the energy and steel markets.
Motherwell will retain its management team, Cape added.
Motherwell Chief Executive Russell Ward commented in a company statement:
"This is an excellent deal for Motherwell Bridge. While the business has achieved good growth over the past few years, Cape's significant resources and footprint will help accelerate and realize our growth plans in the UK and overseas.
"There is no doubt that having the backing of a leading industry player in the form of Cape will signal a major transformation of the company."
Cape CEO Joe Oatley added:
"The acquisition of Motherwell Bridge is in line with Cape's strategy to broaden our portfolio of essential critical industrial services.
"Cape is now able to provide its clients with a complete tank maintenance solution. Motherwell Bridge has tremendous expertise, reputation and brand recognition in the oil and gas storage tank market, including a market leading position in the UK and we expect to accelerate Motherwell Bridge’s overseas growth through Cape’s international footprint."
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