ATR Group of Aberdeen today announced the sale of one of its businesses.
ATR Hydraulics has been bought for an undisclosed sum by another Granite city firm, Hydrasun.
It was one of five companies in the ATR Group and supplied a range of hydraulic products, as well as inspection, testing and maintenance of hoses and fittings.
All 16 staff at ATR Hydraulics have transferred to Hydrasun.
ATR Group said the deal has paved the way for a strategic alliance between the two companies.
Robert Skidmore, director of the ATR Group, said: “ATR Group’s core business is the rental of specialised tools and equipment for the offshore oil and gas industry maintenance and operations market.
“The hydraulics business has not been an ideal fit with our strategy of focusing on rental-based services to offshore contractors and we are delighted to have entered into a deal with Hydrasun which safeguards the long-term future of the workforce and provides a more focused platform for the growth of this hydraulics business.
“This alliance also allows us to continue and grow those rental contracts and customers that require an additional hydraulics service with the confidence that we are partnering with the market leader in this field.”
Bob Drummond, chief executive of Hydrasun, added: “We are delighted to have concluded this acquisition with ATR Group and welcome the ATR Hydraulics staff into the company.
“This acquisition demonstrates our continued commitment to servicing the Aberdeen and North Sea markets as we also continue to grow and develop our international operations.”
Hydrasun provides fluid connectors, hoses, fittings, process-control instrumentation and associated services to the oil and gas industry.
It is headquartered in Aberdeen and has operations throughout the UK and bases in the Netherlands, Azerbaijan and Kazakhstan.
ATR Group was acquired by Mr Skidmore and Keith Moorhouse in June 2007 in a £10million-plus deal supported by Aberdeen Asset Managers and RBS Structured Finance.
Since then, ATR Group’s annual turnover has risen from £14million to more than £18million.
The workforce has risen from 85 to 130 in this time and the company anticipates creating more jobs in the next 12 months.