Subsea equipment rental and solutions firm Ashtead Technology has expanded its mechanical solutions service offering with the acquisition of Hiretech.
Established in 2011, Hiretech is a management-owned, Aberdeenshire-based equipment rental, service and maintenance company serving the offshore renewables, decommissioning and conventional energy markets.
Through its fleet of marine and subsea equipment rental assets and skilled personnel, the business has an offshore renewables and decommissioning-focused support services offering, which Ashtead will seek to leverage to meet growing global customer demand.
Hiretech is the company's seventh acquisition in the last five years, evidencing a continuation of the organic and inorganic growth strategy set out during its IPO in November 2021. It follows the group’s acquisition of WeSubsea in September.
Ashtead chief executive Allan Pirie said: “We are delighted to announce the completion of this transaction and welcome new colleagues to the team.
“Hiretech has an excellent reputation and strong heritage of delivering high-performance equipment and services to the offshore energy sector and has been a key supplier to Ashtead Technology in recent years.
“This acquisition provides strong synergies through vertical integration of the supply chain, and meaningfully expands our business by adding complementary capabilities to strengthen our mechanical solutions service line and deliver an enhanced offering to our customers.”
Andy Buchan, Hiretech’s chief executive, added: “As well as creating a tremendous opportunity for our people, becoming part of the Ashtead Technology Group will enable us to expand our existing capabilities and international footprint.
“Our customers will now have access to a wider portfolio of products and services, resulting in a far more comprehensive solutions capability.”
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