Tekmar Moves for Subsea Concrete Mattresses Provider
Subsea protection systems provider Tekmar has agreed to acquire a subsea concrete mattresses specialist for £6.5m – its third acquisition since floating in 2018.
Pipeshield, which is being acquired from its Founder Steven Howlett, is headquartered in Lowestoft and has manufacturing operations local to its primary markets, including Aberdeen, UAE, Saudi Arabia and Singapore.
The majority of Pipeshield’s production activity is undertaken at its new leased facility at Blyth in Northumberland, a major hub for off shore renewables activity in the UK.
Concrete mattresses and associated products are used for the stabilisation and impact protection of subsea equipment in areas where they cannot be buried. They are also used to limit the development of seabed erosion on foundations, pipelines or in marine ports.
Pipeshield currently employs 25 full time staff , most of whom are technically focused, plus about 15 contractors supporting the manufacturing process at any one time.
Steven Howlett will remain as Managing Director of Pipeshield and has signed a new service agreement, which provides for a minimum one-year service and contains appropriate restrictive covenants for a period of six months following termination of employment.
Steven Howlett said: “I am keen to see the business progress and believe that being part of Tekmar will accelerate the achievement of our long-held growth aspirations. “I want to thank the Pipeshield team for all its hard work, getting us to this point, and highlight, to my staff and customers, that this change in ownership will only increase the opportunities for the business and our passion for delivering outstanding technical solutions. Other than that, it’s very much business as usual.”