Ashtead Technology Holdings PLC (AIM:AT.), the subsea equipment company, soared 16% higher to 566p after confirming it has acquired ACE Winches, a leading offshore energy infrastructure engineer, for £53.5 million.
ACE Winches is an Aberdeenshire-based market leader in the design and development of lift, deployment and pulling solutions, particularly for those used in the repair/maintenance of offshore energy rigs.
The acquisition will see 200 staff members join its workforce, taking the overall headcount to 520, according to reports.
ACE is based in Turriff, Aberdeenshire, the same county where Ashtead Technology is situated and where two companies it acquired in 2022 are also from.
Ashtead Technology hopes to invest in and use the Turriff headquarters as a key operational facility going forward.
Allan Pirie, Ashtead Technology’s chief executive officer, said: “We are delighted to announce this strategic acquisition… The deal provides strong industrial logic adding complementary capabilities to bolster our mechanical solutions service line to deliver an enhanced and more integrated offering to our customers.
“We will continue to strengthen our capabilities in Aberdeenshire whilst leveraging our strong international footprint and infrastructure to drive continued international expansion of our business and deliver Ashtead Technology products and services to a larger global customer base.”