Business
Acquisition of WeSubsea
Acquisition of WeSubsea.
About this update from Ashtead Technology Holdings Plc
[{"type":"text","content":"\n \n \n 5 September 2022\n \n \n Ashtead Technology Holdings plc\n \n \n (\"Ashtead Technology\" or the \"Group\")\n \n \n \n \n \n \n Acquisition of WeSubsea\n \n \n \n \n \n \n \n Ashtead Technology signs agreement to acquire specialist subsea dredging technology business\n \n \n \n \n \n \n \n \n Ashtead Technology, the international subsea rental equipment and solutions specialist, is pleased to announce it has signed a sale and purchase agreement to acquire the entire share capital of WeSubsea AS (\"WeSubsea\") on a cash free, debt free basis, for total consideration of NOK 65 million (£5.6m), subject to adjustment for normalised working capital. The Consideration will be paid in cash on the date of completion, which is expected to be during Q4 of 2022.\n \n \n \n \n \n Founded in 2010, WeSubsea is a specialist in subsea dredging technology solutions supporting customers globally from its operating base in Aberdeenshire, UK. The business generated revenues of £1.9m, Adjusted EBITDA of £1.1m and Adjusted EBITA of £0.9m in FY21. The purchase is expected to be earnings enhancing and exceed the Company's cost of capital in its first full year of ownership.\n \n \n \n \n \n This will be the Group's sixth acquisition in the past five years, demonstrating its commitment to growing its capability and service offering through M&A to support customers' operations globally. \n \n \n \n \n \n Allan Pirie, Ashtead Technology's CEO, said: \"WeSubsea is a pioneering technology business with an excellent reputation and strong customer service ethos. Its fleet of high-performance dredge systems and strong technical know-how will be a great strategic fit for our business and will complement our extensive range of dredging, cutting, coating removal and ROV tooling solutions and services.\n \n \n \n \n \n \"The acquisition underlines our ambition to be a global leader in IMR and decommissioning through providing one of the widest subsea equipment and service offerings in these fields to support our customers operations across the offshore energy sector. This is a great example of a business which has predominantly supported the offshore oil and gas market but can be repositioned into the offshore renewables space through leveraging Ashtead Technology's international ne...