Glacier Energy has snapped up another firm based in the North East of England as it aims to double in size.
The private-equity backed business acquired Advanced Group Services (AGS), a heat transfer company based in Tyne and Wear, for an undisclosed sum.
It is the acquisitive Aberdeen firm’s second recent deal in the region after it bought out heat transfer specialist, Francis Brown in Teesside.
The business has now counted 12 acquisitions since it was founded in 2011 with the acquisitions of Roberts Pipeline Machining and Wellclad from from MB Aerospace.
At the start of the year Saudi Arabian-backed investment group Averroes Capital bought a majority stake in Glacier alongside its chief executive Scott Martin. Shortly thereafter the state-backed Business Growth Fund (BGF) also invested a multi-million pound sum in the business.
The business now counts 320 employees, and locations including Aberdeen, Blyth, Fife, Glasgow, Rotherham and Stockton-on-Tees with an additional office in Kazakhstan.
The company is looking to make announcements about further takeover deals in coming weeks.
The latest deal enables Glacier to establish a mechanical solutions hub offering a range of heat exchanger repair and refurbishment services in the North East to target its presence in renewable and industrial markets, including rail.
The acquisition of the family-run AGS brings a 26,000 sq ft manufacturing facility in Washington.
Glacier CEO Martin said the deal represented a “significant milestone”.
He added: “The North East of England offers an ideal environment for our expansion as it is rapidly becoming a centre for renewable and industrial growth.
“This acquisition allows us to build on AGS’s established reputation and develop a robust base to deliver expanded services across industrial and rail markets.
“We are committed to backing the region’s growth and building on its industrial strengths for the future.”
AGS managing director Philip Riches added: “There is strong cultural and strategic fit between the companies and the acquisition will set AGS on a strong path to continue supporting the industrial and rail markets it serves with renewed focus and commitment.”
