Acteon announces that it has completed the acquisition of Probe Oil Tools Ltd, which is based in Great Yarmouth, UK.
Established in 1973 and still being run by its managing director, Keith Ford, Probe Oil Tools is a specialist provider of high-specification pressure-control equipment, including wellheads, flanges, tension rings and surface risers that meet the highest standards for offshore manufacturing and procedural codes. It has a reputation for outstanding customer service.
Keith Ford and his management team remain with the company.
Gareth Roberts, vice president of Acteon, said, “Probe is a great company. Acteon is very impressed with the quality of its team, its equipment and the service levels it offers its customers. This transaction strengthens Acteon’s risers, conductors and flowlines product offering. I am looking forward to working with Keith and his team on plans to continue to develop and expand the company in the coming months and years.”
Keith Ford added, “This is excellent news for Probe Oil Tools and the staff who have been involved in making the business the success it is today. It is particularly pleasing to us that a company like Acteon, with its expertise, drive and progressive approach, has recognised the potential that we have in Probe.”
Acteon’s legal adviser for this transaction was Burness Paull. Probe’s shareholders were advised by BDO and Birketts.
Press Release, September 10, 2013