Pryme Group has announced the acquisition of Sengs Subsea Engineering Solutions.
Established in 2012, by Murray Kerr, SengS is an Aberdeenshire-based engineering company providing subsea engineering design consultancy, equipment testing and assembly, repair and refurbishment and rental of certain subsea equipment.
SengS has established a brand of cost competitive, responsive and solutions focused engineering and testing services for its customers.
Notwithstanding the market challenges, SengS continues to grow its customer base and deliver strong earnings.
The acquisition of SengS enhances Pryme by bringing engineering design, specialist testing and assembly services to the group, another step in its strategy of developing a full outsourced manufacturing service for its customers. SengS will also bring complementary customers to the group. Pryme, which already sells into other sectors such as aerospace, defense and general industrial, will seek to introduce SengS as part of its overall offering to customers in these sectors.
Murray Kerr, who founded SengS, will continue in his role as managing director and become a shareholder in the Pryme Group. He and his management team will have a continued focus on growing the SengS business along with exploiting the synergy potential of being part of the Pryme Group.
Pryme Group offers a one-stop, turnkey service for global contract manufacturing, combining high quality machining with design capability, hydraulic services, fabrication skills, assembly and test and project management.
Pryme is majority owned by Simmons Private Equity (SPE). SPE is an energy-focused fund managed by energy specialist investment bank Simmons & Company International. It was established in 2008 to support the growth of small to medium-sized energy service businesses and has £160 million under management.