Acteon Completes Acquisitions

Friday, August 17, 2007
Acteon has completed the acquisition of three companies from the Aberdeen-based Craig Group. They are Seatronics, International Mooring Systems (IMS) and Chain Corporation International (ChainCo).

David Currie will continue to lead Seatronics; and Alan Duncan will head IMS and ChainCo. Both will report to Acteon Vice President Bernhard Bruggaier. The activities of IMS and ChainCo are very much in line with existing Acteon companies InterMoor and Trident – the two new companies will considerably improve Acteon’s overall offering in the moorings market. As a whole, InterMoor and IMS together will possess the world’s largest inventory of mooring equipment available for rental.

The acquisition of Seatronics provides an entry for Acteon into the advanced marine survey sector. However, there are elements of the Seatronics business with which Acteon is very familiar. Trident, for example, supplies navigation and positioning systems; 2H Offshore is deeply involved in subsea riser monitoring; and UWG provides a camera-based downhole surveying service. These three acquisitions follow closely the acquisition of InterAct PMTI based in the USA, (Acteon press release dated June 18 and will increase Acteon’s combined annual sales to more than $400m. Acteon, which is backed by First Reserve Corporation, was advised by Simmons & Company International and Paull & Williamsons. Financing was provided by ABN Amro, Bank of Scotland and Royal Bank of Scotland.

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