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Gresham-backed ICR Integrity seals second bolt-on deal

9 Aug 2012

ICR Integrity, the asset integrity specialist for the oil and gas industry backed by UK mid-market buyout firm Gresham, has clinched its second bolt-on deal by acquiring MOSS Mechanical On Site Services.

The deal marks the second acquisition made by Aberdeen-based ICR Integrity since the group’s formation in July 2011, following Gresham’s buyout of Walker Technical, a specialist in composite repairs to pipework and structural assets for the oil and gas industry.

In October 2011, ICR also acquired corrosion monitoring experts NECE.

The acquisition constitutes the fifth made by a Gresham portfolio company this year.

Headquartered in Kendal, Cumbria, with operations in Aberdeen, MOSS supplies a range of on-site mechanical services, including specialist machining, bolt tensioning and engineering services, to the energy, oil and gas and defence industries around the world.

Formed in 1999, it employs 60 people in Kendal and Aberdeen. The company has grown sizeably in the last few years and today has a turnover of £5.5m.

“The potential we have identified in the integrity, corrosion and repair sector is huge and provides ICR Integrity with significant opportunity for further growth, both organically and through acquisition,” said Gresham partner Iain Wolstenholme.

ICR chief executive Willie Rennie added, “The company is closely aligned with what ICR does, so complements our existing business.

“NECE and MOSS have already worked together successfully on joint offshore projects, so it was an obvious fit for us.”

Darryl Dixon, managing director of MOSS, and the other members of the management team will continue to lead the business in Kendal to drive future growth.

Gresham and HSBC provided funds to support the deal.

ICR was advised by Simmons International, while MOSS received advice from Moore and Smalley.

The acquisition contributed to an active period for Gresham. Since April 2012, the London-based firm has sold its investments in fluid management product provider Olaer and enforcement services company Marston Group, which was sold to Inflexion.

The firm has also invested £23m in the management buyout of IESA, the Warrington-based maintenance manager.

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