ATR Group has announced the sale of the business and assets of ATR Hydraulics to Hydrasun, a market leader in hydraulics services and products.
The deal has paved the way for a strategic alliance between the two companies which will provide customers with more choice and an enhanced range of services and capabilities regarding hydraulics, fluid transfer systems and tool and equipment rental services.
ATR Hydraulics was one of five separate companies in the ATR Group supplying a range of hydraulic products as well as inspection, testing and maintenance of hoses and fittings. All 16 members of staff at ATR Hydraulics transfer to Hydrasun with immediate effect.
Hydrasun is Europe's leading provider of fluid connectors, hoses, fittings and process control instrumentation products and associated services to the oil and gas industry. Headquartered in Aberdeen with operations throughout the UK and bases in Holland, Azerbaijan and Kazakhstan. Hydrasun supports client operations both on and offshore.
Robert Skidmore, director of the ATR Group said, "ATR Group's core business is the rental of specialised tools and equipment for the offshore oil and gas industry maintenance and operations market.
"The hydraulics business has not been an ideal fit with our strategy of focussing on rental based services to offshore contractors for sometime and we are delighted to have entered into a deal with Hydrasun which safe-guards the long-term future of the workforce and provides a more focused platform for the growth of this hydraulics business. This alliance also allows us to continue and grow those rental contracts and customers that require an additional hydraulics service with the confidence that we are partnering with the market leader in this field."
"ATR Group is now focused on the rental side of the business and, in the current financial climate we are confident of increasing business as clients will be looking to cut capital expenditure and concentrate on delivering value through effective rental agreements."
The long-established Aberdeen business was acquired by Keith Moorhouse and Robert Skidmore in a deal supported by Aberdeen Asset Managers and RBS Structured Finance in June 2007.
Since then ATR Group's turnover has risen from £14 million to over £18 million and the workforce has grown by over 50% from 85 to130 employees with more new jobs anticipated in the next 12 months.
Hydrasun's chief executive officer, Bob Drummond added, "We are delighted to have concluded this acquisition with ATR Group and are looking forward to welcoming the ATR Hydraulics staff into the company and to continuing to provide the highest standards of service, safety and quality to all of our customers. This acquisition demonstrates our continued commitment to servicing the Aberdeen and North Sea markets as we also continue to grow and develop our international operations."