A pair of Aberdeen equipment firms have been acquired in a multi-million-pound deal.
Reftrade UK and Environstore manufacture custom shipping containers for the oil and gas sector.
The pair have been bought by London-headquartered supplier Cargostore Worldwide in order to bolster its capabilities in supporting offshore projects.
Cargostore’s first acquisition deal in its 30-year history will grow its staff figures to more than 20.
No plans for change
Westhill-based Reftrade and Environstore will be 100% owned by Cargostore, with no plans to change the existing Aberdeen teams..
The deal also marks a “strategic expansion” into key UK offshore hubs including the Granite City.
Reftrade and Environstore managing director Greg Spence will be supported by Cargostore’s management team to “take the business to the next level”.
Mr Spence said: “The acquisition comes at a time of significant growth for all three companies.
“And is the natural next step to collectively enhance our position as a global leader in the safe and timely delivery of the latest industry accredited refrigerated containers and temperature controlled units.
“There are many synergies between the companies; our people-first approach to service ensures our customers and talent are prioritised.
“This commitment to quality and service is what Reftrade UK and Environstore has become known for. We will continue this through Cargostore.”
Reftrade and Environstore acquisition
Cargostore will expand both its inventory and capability by using the Aberdeen firms’ existing products.
These additions will also allow the company to “meet growing demand” across offshore wind, decommissioning and clean energy.
Cargostore chief executive Andrew Hart said: “Over the past five years Cargostore has organically grown from strength-to-strength.
“The transition to renewable offshore energy sources, decarbonisation and decommissioning has been a core part of Cargostore’s growth story.
“Alongside supporting the global demand for clean gas and oil.
“This is an exciting moment as we fast-track our global growth through key strategic partnerships, new products, new geographies and for the first time, acquisitions. In other words, we’re just getting started.”
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