Craig Group Sells Subsea Survey & Mooring Division to Acteon
The Craig Group says that Acteon Group has acquired its subsea survey, mooring and chain inspection divisions for an undisclosed sum.
Specialists in the sale and rental of high-tech subsea survey equipment, Seatronics, and Craig Group International Mooring Systems (IMS), the global leaders in chain, rope and mooring systems, as well as ChainCo, which provides chain testing, inspection and certification services, will now join Acteon, a group of twelve specialist engineering companies providing seabed to surface technologies.
Commenting on the deal, Douglas Craig managing director of The Craig Group said: "This was an opportunistic deal but one which makes sense and which is good news for the people involved, our customers and the future of The Craig Group.
"Our roots have always been firmly planted in fishing and shipping and we have invested £70 million in North Star Shipping in the last five years, underlining our commitment to and confidence in the emergency response, rescue and offshore support vessel sector.
Seatronics was formed in 1999 by the Craig Group's acquisition and merger of three international entities supplying state of the art equipment rental solutions to the subsea industry worldwide.
"The formation of IMS was complemented by the acquisition of ChainCo in 2000. We have grown both these divisions to become leaders in their field, attracting interest from Acteon," explains Mr. Craig. "There is real synergy between Acteon and the Craig Group divisions. We are reassured by the commitment and ability of Acteon to capitalize on the growth achieved by these divisions under the Craig Group and to provide significant opportunities for the people and assets they are acquiring."
The Craig Group will now focus on its core businesses of shipping through North Star, the further internationalization of oilfield procurement division, Craig International Supplies, Craig Energy Services and the growth of both its newly revitalized Foodservices division and its Grampian Sea Fishing operations.
Between them, Seatronics, IMS and ChainCo employ 100 people who will all transfer to Acteon.
Originally, a shipping, fishing and ship chandlers business established in 1933, The Craig Group was quick to respond to the changes brought by the discovery of North Sea oil, branching into supply boats and stand by vessels, oilfield supplies, rental of survey equipment, mooring systems and offshore and onshore catering.
Following today's deal, the Craig Group will still operate six divisions : North Star Shipping, Craig International Supplies (CIS), Craig Energy Services, Craig Group Foodservices, Grampian Sea Fishing and Craig Group Leisure which owns and operates the Kings Links golf outlet. The Group will also continue to develop its international business from operations in Houston, Atyrau, Cape Town and Lagos.
Craig Group advisers on the deal were KPMG and Ledingham Chalmers.
- Craig Scores Contract Duo (Jan 31)
- Craig International Supplies Secures Contract Extensions (Aug 23)
- Craig Group Scores First Asian Contract (May 04)
Company: Acteon more info
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