Listed precision engineering group Hunting has snapped up a Northumberland-based subsea fluid transfer company, which employs 46 people, for £50m.
Flexible Engineered Solutions (Group) Holdings Ltd (FES) is headquartered in Ashington and operates from a 35,000 sq ft facility, alongside a 6,000 sq ft test facility.
The company's services have been deployed to many key offshore regions including the Gulf of Mexico, West Africa and South America.
In the year ended 31 December 2024, FES generated revenue of £31.3m and EBITDA of £6.2m.
The transaction is aligned with the Hunting 2030 Strategy and will strengthen the listed firm's growing offshore / subsea revenue profile.
FES will be integrated within Hunting's Subsea Technologies operating segment and will report into Dane Tipton, the managing director of the operating segment.
Jim Johnson, chief executive of Hunting, said: "We are pleased to complete the acquisition of FES. It immediately boosts our subsea portfolio with proprietary products and capabilities and clearly demonstrates progress on our Hunting 2030 Strategy.
"FES's fluid transfer solutions perfectly complement our existing subsea and FPSO-related lines, creating strong product bundling and cross-selling opportunities with our existing subsea businesses as well as the potential for further international growth.
"FES's blue-chip customer base, international profile and high margin, mission critical applications make the business an ideal fit for Hunting."