Triton Group Makes Fifth Acquisition

Triton Group has acquired Cynergetix Pty Ltd for an undisclosed sum.

Formed earlier this year, Triton Group aims to create a group of companies focused on providing state-of-the-art remote intervention and control technologies and services.

This latest deal is the fifth for Triton in recent months. It follows the group’s acquisition of Perry Slingsby Systems (PSS), Sub-Atlantic, UK Project Support Limited (UKPS) and Subco.

Privately owned Cynergetix has been a partner of PSS operating in the Asia Pacific region since 2005. The company employs eleven people with a S$5 million (£1.6 million GBP) turnover and is a market leader in remote intervention equipment, support, training and rentals. Based in Singapore, Cynergetix offers a one-stop shop service with in-house design and manufacturing capabilities.

Commenting on the deal Martin Anderson, CEO of Triton Group, said: "This fifth deal marks the next phase in Triton’s exciting and ambitious growth strategy to become a world-leader in technology and services to the international oil and gas industry. The acquisition of Cynergetix gives Triton Group the infrastructure to develop a comprehensive engineering and equipment service centre in South East Asia. Equally, being part of Triton Group with its global presence and reach, opens up a wealth of international opportunities for the expansion of Cynergetix."

Managing director Stuart Kendall will remain with the business and become a shareholder of Triton Group. Mr Kendall said: "I am delighted that Cynergetix is now part of the Triton Group. It will undoubtedly open news doors for the company and enhance our position within the subsea industry."

Triton Group is backed by Houston-based private equity company, SCF Partners and supported by Aberdeen’s structured finance team at The Royal Bank of Scotland (RBS).