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A Cumbria-based engineering company is set for huge growth after being bought out by an international business. Kendal-based MOSS Mechanical On Site Services Ltd (MOSS) – has been acquired by maintenance and repair group ICR Integrity Ltd for an undisclosed sum. MOSS – a £5.5million turnover business with 60 employees – provides specialist on-site machining, hydraulic bolt tensioning, and spark erosion services to the oil and gas, naval, defence and construction sector.
ICR, based in Aberdeen, Scotland, is a newly-formed international group of companies, specialising in integrity, maintenance, corrosion and repair for the energy sector. The business is backed by Gresham Private Equity and is developing through a combination of organic growth and targeted acquisitions.
The deal provides an exit from the business for MOSS founders Peter Pattinson, John Kane and Ian Martin. The company’s existing management team will stay with the business.
The exiting shareholders of MOSS were advised by the corporate finance team at Kendal-based Moore and Smalley Chartered Accountants and Business Advisors.
Stephen Gregson, corporate finance director at Moore and Smalley, said: “Both companies are well known to each other and this deal was natural fit for both businesses. This is great news for Moss and its employees as it allows the company to benefit from significant new investment and take advantage of new growth opportunities.”
Darryl Dixon, managing director of MOSS, said: “These are exciting times for everyone at Moss Ltd. We have a great team and a great name as an exceptional on-site service provider. The acquisition by ICR with its financial backing and complementary companies within the group brings the security and support needed to continue to grow, offering new services to our current and expanding client base in the UK and internationally.”
Willie Rennie, chief executive of ICR, said: “We are delighted to have acquired a company of MOSS’s calibre with such a strong market position and technical capability, combined with high standards of safety and customer service. The company is closely aligned with what ICR does, so complements our existing business. Moss and one of our other group companies NECE have already worked together successfully on joint offshore projects, so it was an obvious fit for us.”
MOSS, founded in 1999, provides multi-skilled technicians to deliver on-site technical and engineering services both on and offshore. It also delivers research, design and manufacture of purpose-built portable machine tools and ancillary equipment.
ICR, led by chief executive Willie Rennie, was formed in July 2011 following the buyout of engineered technology specialist Walker Technical. The company also acquired North East Corrosion Engineers Ltd (NECE Ltd) in October 2011.