A COMPANY set up by the former directors of business turnaround success PSL Energy Services has marked its entry into the "mechanical services" market with two takeovers.
Aberdeen-based EnerMech was founded by Doug Duguid, Michael Buchan, Derek Grant and Phil Bentley with a combined capital investment of more than £30 million by the founders and private equity firm Lime Rock Partners.
Duguid and his three colleag
ues were part of the original management buyout team that rescued PSL from receivership in 2003 and transformed it into a firm with a £110m turnover and 1,200 staff. PSL was sold to industry giant Halliburton last year.
As part of the plans to expand EnerMech, deals have been agreed to acquire Aberdeen-based crane and lifting contractor Specialist Maintenance Services, and Great Yarmouth-based training provider A1 Safety Training Consultants.
The acquisitions, the values of which are not being disclosed, bring EnerMech's payroll up to 200. EnerMech, which is in talks to buy an overseas business, said there would be no job losses as a result of the twin deals.
Duguid, managing director of EnerMech, said: "With more than £30m at our disposal we have the resources to substantially grow these businesses through a combination of capital investment, rolling out new services and further acquisitions.
"The market segments we are targeting are quite fragmented and we have identified gaps where we think we can offer a lower-cost and more responsive service than is currently being provided."
Initially set up to target the North Sea equipment rental market, EnerMech has moved quickly to expand into the cranes and lifting sector, as well as the training market.
