UK and Singapore headquartered services firm Cape has acquired UK-based Motherwell Bridge, a provider of storage tanks, gasholders and heat exchangers to the energy and steel markets for £37.65 million.
Motherwell Bridge, headquartered in Lanarkshire, Scotland, is recognised internationally as a leader in the specialist storage tank market.
The business has an excellent global brand reputation and has historically delivered a significant number of storage tanks around the world. In addition, Motherwell Bridge also provides and maintains gasholders for the global steel industry, and maintains and refurbishes heat exchangers primarily in the UK continental shelf.
Motherwell Bridge has a strong management team, all of whom will remain with the business post acquisition.
The company employs about 300 people, mostly in the UK.
For the year ending 31 December 2012, the firm generated EBITA of £4.8 million on a revenue of £34.6 million. Its gross assets as at 31 December 2012 were £42.4 million.
Joe Oatley, Cape's CEO, said: "Motherwell Bridge has tremendous expertise, reputation and brand recognition in the oil and gas storage tank market, including a market leading position in the UK and we expect to accelerate Motherwell Bridge overseas growth through Cape's international footprint. By combining the strengths of Cape and Motherwell Bridge we are uniquely able to provide a complete tank maintenance solution to clients in the oil and gas market."