Pryme in merger with two offshore specialists
Kerrie Murray: merger creates bigger footprint
Pryme Group, the Dundee-based contract manufacturer to the offshore sector, has merged with two other specialists.
The move is seen as helping it accelerate the transition to clean energy sources.
The firm is joining forces with Caley Ocean Systems and IMES International. Terms of the deal, which is expected to create a business with broad capabilities supplying products and services to the energy, defence and other industrial markets, have not been not disclosed.
The transaction is also providing Pryme Group, a private-equity backed firm, with an on-the-ground presence and technical capabilities across a number of locations through a team of 260.
Glasgow-based Caley Ocean Systems has 50 years’ experience of designing, manufacturing and testing offshore handling offerings used in, say, launch and recovery systems, pipe deployment, and deep-water lowering.
Aberdeen-based IMES International – formerly part of the Seanamic Group – delivers an independent inspection, monitoring and testing service for fixed and loose lifting equipment, and engineering design consultancy.
Kerrie Murray, who has been CEO of Pryme Group since 2020, will lead the new merged organisation. She said: “The combined business will have a greater regional footprint with broader resources and capabilities, enabling Pryme Group to support larger and more complex projects than ever before.”
Ms Murray joined Pryme in June 2018 as chief financial officer and was promoted to her current role last June.
She added: “This will create a strong, resilient business, well-positioned to support customers across a range of sectors from energy to defence to industrials.
“By bringing these successful businesses together, we have the opportunity to grow the group, invest in our people, strengthen the range of products, services and solutions for our customers, and extend our offering in new areas such as the energy transition.
David Hutchinson becomes the newly combined business’ director of business development.
Simmons Private Equity (SPE) is the majority shareholder for both Pryme Group and Seanamic Group, and will continue in that role after the merger.