Ashtead Technology buys two firms from Acteon in deal worth nearly $82 million

UK-headquartered subsea equipment rental and solutions provider Ashtead Technology has signed an agreement with Acteon Group to acquire Seatronics and J2 Subsea for £63 million (approximately $81.6 million), expanding its subsea survey and robotics rental portfolio by 30%. 

The acquisition expands Ashtead’s global presence across Singapore, the UAE, the UK, and the U.S., adding 7,000 proprietary assets and a workforce of 110 skilled employees.

Seatronics and J2 Subsea, specialists in subsea electronics and ROV tooling services, support offshore energy projects in installation, inspection, maintenance, and decommissioning. The acquisition is said to reinforce Ashtead’s presence in renewable energy as well as oil and gas sectors.

“Seatronics and J2 are businesses we have known for a long time. With our most recent acquisitions focussing on expanding our mechanical services capability, this latest acquisition strengthens our international footprint and capability within our Survey & Robotics market,” said Allan Pirie, CEO of Ashtead Technology. 

“We look forward to welcoming new colleagues to Ashtead Technology and increasing the wealth of in-house expertise as a larger Group, creating a world leading subsea survey and robotics team.”

Brice Bouffard, CEO of Acteon, added: “Upon closing, this transaction will be the next important step in focusing our service portfolio to achieve Acteon’s long-term strategic goals. Seatronics and J2 have been an integral part of our business for many years and I’m very pleased to see both teams moving together to such a dynamic new home at Ashtead Technology. Acteon is committed to optimising our portfolio to better serve our customers and stakeholders as we support the evolving offshore energy market.”

According to Ashtead, the acquisition is the company’s ninth one in seven years, furthering its role in delivering subsea technology and services across the global offshore energy sector.

In November 2023, Ashtead Technology acquired the entire share capital of Rathmay Limited, the parent company of ACE Winches, from its founders Alfie and Valerie Cheyne, for a total cash consideration of £53.5 million on a cash and debt-free basis.