Oilfield service firm Coretrax has accelerated its expansion drive with the acquisition of Churchill Drilling Tools, of Aberdeen.
Coretrax, also headquartered in the Granite City, bought the drilling tools business from former owners Andy and Mike Churchill for an undisclosed sum.
Formed in 2002, Churchill had 70 employees across bases in Aberdeen, Houston and Dubai.
The transaction lifts the overall headcount to 200 at Coretrax, which specialises in well construction and intervention.
Churchill’s employees will continue to work from their existing premises in Aberdeen.
Coretrax has bases in the UK, Middle East and South East Asia and is planning to enter new regions.
Coretrax enjoys the backing of private-equity house Buckthorn Partners, which invested in the company at the end of last year.
The deal gave Buckthorn a majority stake in Coretrax, whose other shareholders are founder and chief executive Kenny Murray, and John Fraser.
London-based Buckthorn intends to form a “group structure” comprising Coretrax, Churchill and wells specialist Mohawk Energy.
Buckthorn acquired Mohawk, of Houston, earlier this year.
Mr Murray said Coretrax was attracted to Churchill’s technology, workforce and “reputation for quality”.
He said: “We continue to grow organically with sizeable contract awards and renewals and are pursuing a robust strategy that will push us into new markets more aggressively including the US and Asia Pacific.
“Our Middle East operations are going from strength-to-strength and leveraging Churchill’s product range, footprint and team will further augment our presence in the region.
“All contracts and projects will continue as normal, but with the added benefit of access to additional products, services and expertise.”
Andy Churchill said: “We have always been proud to supply our technology to Coretrax and its clients and the association has always been a very strong one.
“The Coretrax reputation for innovation, quality and customer service is second to none and this development will bring huge opportunities.”