Tue, 11 Jul 2023 | BUSINESS SALE
Gateshead engineering group Express Engineering has expanded its offering in the sub-sea engineering space after acquiring the assets of QA Weld Tech Limited out of administration. QA Weld Tech, which is based in Teesside, specialises in welding and fabricating complex pipework for the offshore, nuclear, power generation and petro-chemical markets.
Following a sustained period of loss-making, the company appointed FRP Advisory’s Steve Ross and Allan Kelly as joint administrators. Express Engineering subsequently acquired the company’s assets, including its base on Middlesbrough’s Riverside Industrial Park, plant and equipment, for an undisclosed fee from the joint administrators.
Express Engineering is based in the Team Valley and manufactures and supplies subsea assemblies, subsea production systems and connection systems for customers around the world. The business, which is backed by private equity firm LDC, says it will maintain the Middlesbrough base and continue offering its services under QA Weld Tech’s existing brand.
Express added that the deal would expand its technical capabilities and add further products to its specialist range, as well as providing it with access to new markets and customers. The buyer said that the acquisition would see 39 QA Weld Tech staff transfer to the new entity within the group.
FRP Partner and joint administrator Allan Kelly commented: “QA Weld Tech has been established for 40 years and its technical delivery remains highly regarded but has faced challenges in the period since Covid. This sale provides an opportunity to retain that experience and build on the business’ legacy.”
Express Group chairman Chris Thompson said: “The subsea energy sector is a core part of our business and, with resurgent demand for subsea manufacturing expertise and products, the addition and transition to carbon capture equipment is fundamental to our growth strategy.”
“We’re pleased to be able to welcome QA Weld Tech into the Express Group. They bring valuable skills and knowledge to the team and join at an incredibly exciting time. Our order book is very strong and we are delivering on our commitment to investing in our people, products and technology to realise our ambitions for the future.”
Read about rising insolvencies among small and medium-sized UK businesses.
Opportunity to acquire a prominent fabricator of complex steelwork for creative exhibition, art and architectural engineering projects worldwide. This is a specialist provider to innovative and creative engineering projects worldwide.
Established company with a stellar reputation, with wide client base covering multiple sectors, and manager in place.
Manufacturing precision components and parts, with an existing client base, excellent return business and great potential for expansion at regional and national level.
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