Zeus Capital acted as financial adviser to the shareholders of Underwater Cutting Solutions on its successful sale to Ashtead Technology
09 Sep 2019
Oil & Gas
Financial Advisory, M&A
Zeus Capital acted as exclusive financial adviser to the shareholders of Underwater Cutting Solutions Ltd (“UCS”) on its successful sale to Ashtead Technology Limited (“Ashtead”).
Founded in 2004, UCS is a North Sea market leading provider of a packaged service offering of mechanical cutting, dredging and coating removal equipment and services. Over the past 15 years, UCS has developed and successfully deployed a suite of purpose designed tools and techniques for the cutting of subsea and topside pipelines and structures.
The transaction significantly expands Ashtead’s inspection, repair and maintenance (IRM) and decommissioning capabilities, and combines UCS’s innovation and expertise in the field of subsea equipment engineering with Ashtead’s scale and international reach.
General Manager of UCS, Fraser Collis, will continue to manage the business from its base in Inverurie, Aberdeenshire and, working with the Ashtead team, will lead the international expansion of the business.
Zeus Capital’s corporate finance team advised the shareholders of UCS throughout the sale process, helping them secure a successful trade exit and assisting them in finding the right strategic acquirer that will support the business’s future growth.
Zeus Capital is a leading adviser to small and mid-cap private and public companies. Zeus Capital combines its deep sector knowledge with senior led advice throughout a transaction thereby adding significant value to clients. Zeus Capital has acted on 116 transactions across public and private markets, which have raised a total of £5.3bn.
This is a great time to become a part of Ashtead Technology. By joining the Group, it will allow us to create tremendous opportunities for our team, further invest in our market leading technology and capabilities, and give us the ability to meet the growing IRM and asset decommissioning requirements on a global stage.
The Zeus team have provided invaluable advice and support throughout the transaction. They managed the sale process in a manner which maximised value for our shareholders whilst minimising impact on our day-to-day business. It has been a pleasure working with the Zeus team whose experience shone through at critical points during the transaction. Fraser Collis General Manager of UCS
The sale of UCS to Ashtead is a fantastic transaction for the Aberdeen market and the subsea sector more generally. UCS has grown into being a market leader in the sector and its shareholders have now realised a successful exit from a business which has been built over the years by the Wraith family.
It has been a pleasure working with all of the stakeholders on this transaction and we wish the enlarged Ashtead group every success in the future as it continues its international expansion. Dane Houlahan Managing Director of M&A, Zeus Capital
This web page constitutes a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 and has been approved by Zeus Capital Limited, which is authorised and regulated by the Financial Conduct Authority.