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Pier Solutions Strengthens Portfolio through Seven-Figure Acquisition

Pier Solutions Strengthens Portfolio through Seven-Figure Acquisition

 

Leading provider of engineering and modular solutions, Pier Solutions (Pier), has announced a significant investment into its portfolio, acquiring electrical engineering businesses, V-TES and V-TES Renewables, in a seven-figure deal.

Acquired from Valor Energy Group (Valor), the Aberdeen-based consortium of energy enterprises, the transaction marks a significant strategic development for both entities.

The deal will allow Valor to concentrate on the global expansion of its remote inspection flagship, AISUS, and the commercialisation of Cavitas Energy’s Thermal Oil Recovery technology, THOR. Meanwhile, for Pier, the acquisition displays its commitment to growth and diversification under its new leadership.

Pier previously announced the appointment of Jordan Ferguson as full-time CEO following an interim period in the position and the investment in V-TES and V-TES Renewables further strengthens its targets for growth in the energy sector. Having established a significant pipeline of renewable energy prospects, V-TES and V-TES Renewables will provide substantial value to the services delivered by Pier.

Jordan Ferguson, CEO of Pier Solutions, commented: "We are thrilled to welcome V-TES and V-TES Renewables into the Pier family. With our expertise in bespoke modular containerised solutions and our ongoing expansion into the renewables sector, coupled with our support for the energy transition sector, the acquisition of a specialist provider of electrical engineering services and equipment will further empower Pier to meet the evolving needs of our customers both onshore and offshore.

“With our combined expertise, we will continue to provide our valued customers, partners, and stakeholders the same high-quality products, services and exceptional customer service they have come to expect.”

Graeme McNay, CEO of Valor Energy Group, added: "This strategic move allows Valor Energy Group to focus its efforts on enhancing and commercialising the substantial research and development initiatives invested in AISUS and Cavitas. With AISUS possessing world-class intellectual property in predictive maintenance and asset integrity powered by machine learning, and with the robust order book for Cavitas THOR, the timing was optimal for another partner to drive the business development of V-TES and V-TES Renewables."

Aberdein Considine facilitated the deal led by Partner of Corporate and Commercial, Rod Hutchison.

Read the latest issue of the OGV Energy magazine HERE

Published: 14-05-2024

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