Global industrial giant Smiths Group has snapped up an Aberdeen-based energy consultancy.
XPD8, founded in 2003, will become part of John Crane, the largest operating division of the FTSE-100 listed parent company.
The deal marks an exit for XPD8’s private equity backer Maven Capital Partners and the firm’s founder, Mark Cavanagh.
XPD8 Solution has signed a two-year contract with CNR International to provide monitoring services to five of the company’s platforms in the North Sea.
The company has previously provided cover to CNR International’s UKCS assets over the past eight years.
The latest contract will take XPD8 to a decade of working for the Canadian oil and natural gas company.