Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Kintore pipeline specialist STATS acquired by SRJ in £73m deal

© Supplied by STATS GroupSTATS Group
STATS Group CEO Leigh Howarth

Aberdeenshire pipeline specialist Stats Group is being sold to Australia-listed SRJ Technologies in a £73million deal.

Kintore-based Stats, which specialises in pressurised pipeline isolation, hot tapping and plugging services, announced Tuesday that its shareholders have executed a share purchase agreement to sell 100% of its shares to SRJ.

A spokesperson said no redundancies were planned as part of the acquisition.

Stats employs 160 people in north-east Scotland, and has operations in Canada, the US, Middle East and Malaysia. The company reported pre-tax profits of more than £1 million in 2020.

Australian Securities Exchange-listed SRJ said it would conduct a share offer to raise A$142 million (£107m) to fund the cash component of the purchase price, and to provide working capital for the combined group post-completion, expected some time in Q1 2022.

The consideration payable to STATS shareholders will comprise a combination of SRJ shares and cash. The transaction has an implied value of approximately £73.1 million based on a share price of SRJ of A$0.50 per share.

SRJ, a provider of asset integrity services, said access to the company’s innovative pressurised pipeline integrity solutions, including its BISEP and Tecno Plug products, would enable the group to accelerate growth in the asset integrity market.

It intends to use STATS global bases to cross-sell its own products and technologies, and take advantage of growth opportunities in the energy transition market.

© Supplied by DCT Media
STATS Group, Kintore.

Stats CEO Leigh Howarth will remain in his current post, and will join SRJ’s board of directors following completion of the deal.

Company chairman and founder Pete Duguid will also remain with the business, providing strategic direction, particularly in relation to business development in North America.

Meanwhile, Business Growth Fund, a private equity investor which has supported Stats since 2012, will exit the business.

“The two groups share a similar DNA that is driven by a solutions-led approach to our client’s asset integrity issues” said Mr Howarth.

“We are truly excited by the prospect of this next stage in Stats growth, not only to offer additional innovative solutions to our clients, but to do it with a trusted and capable SRJ team.

“SRJ has acquired STATS for our market leading technology, our established global reach, excellent customer base and experienced and highly skilled staff. With its ASX listing and access to capital markets, this gives the combined businesses the platform to invest in strategic locations and product solutions that are yet to be developed to their full potential, offering job security and career enhancement for all.

SRJ CEO Alexander Wood said:“SRJ’s vision is to become a global leader in asset integrity solutions for the energy industry, and this transaction will add value, differentiation and scale.”

Recommended for you

More from Energy Voice

Latest Posts