Ashtead Technology acquires Hiretech
International subsea equipment rental and solutions specialist Ashtead Technology has further 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 international offshore renewables, decommissioning, and conventional energy markets. Through its multi-purpose fleet of marine and subsea equipment rental assets and skilled personnel, the business boasts an excellent offshore renewables and decommissioning-focused support services offering, which the Group will seek to leverage to meet growing global customer demand.
Hiretech is Ashtead Technology’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 and follows the Group’s acquisition of WeSubsea in September 2022.
Allan Pirie, Ashtead Technology’s CEO, said: “We are delighted to announce the completion of this transaction and welcome new colleagues to the Ashtead Technology 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 CEO, said: “This is an exciting time for the business. 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.”
Published: 06-12-2022
