- Integrated service offering to support UK’s energy transition
- Merger increases regional footprint of group to service key energy hubs
- Growth expected as the combined business diversifies its service offering
Caley Ocean Systems and IMES International (previously part of Seanamic Group) have merged with Pryme Group today to create a business with broad capabilities supplying products, services and solutions to the energy, defence and other industrial markets.
Caley Ocean Systems has 50 years’ experience of designing, manufacturing and testing offshore handling systems used in launch and recovery, pipe deployment, davits and deep-water lowering. Most recently, it has developed tooling and foundation gripper systems for the offshore wind sector. Caley provides full project management services and flexible on-site support for lifecycle maintenance and asset management, as well as equipment and personnel deployment.
IMES International delivers an independent inspection, monitoring and testing service for fixed and loose lifting equipment, and engineering design consultancy. The company’s innovative technology assists with integrity assurance, ultimately ensuring complete confidence with regulations and extending an asset’s lifetime.
The merger will expand the capabilities of the group across design, engineering, project management, assembly, testing and servicing, as well as proprietary high-pressure liquid and gas equipment and specialist lifting solutions. In addition to strengthening its offering to the sectors it already services including oil and gas, the merger will allow the group to extend its services in the renewables and nuclear markets.
Pryme Group, which is headquartered in Dundee, Scotland is now able to offer an on-the-ground presence and technical capabilities from key locations across the UK including Aberdeen, Dundee, Ellon, Glasgow, Morecambe, Newcastle, Plymouth, Portsmouth, Renfrew, Rosyth and Sheffield, through a team of 260 people.
This regional expansion made possible by the merger will see the group’s customers benefit from an increased service offering, rapid mobilisation of products and service delivery, and specialist in-person customer support across the UK.
Kerrie Murray, who has been CEO of Pryme Group since 2020, will lead the new integrated business following the merger commented:
“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. 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. Renewable energy capacity in the UK is expected to more than double by 2030, and we have the capabilities and experience within the group to support this important move to clean energy sources.”
David Hutchinson, will take on the role of Director of Business Development of the newly combined business but will also retain his role as CEO of Seanamic Group and Flexlife. He said, “I am excited to take on the Director of Business Development role at Pryme Group, where I will assume responsibility for the group’s sales, marketing, and tendering activities. The combined capability of this new group is vast, and so my focus will be expanding the group’s presence into new and existing markets, as well as showcasing our combined product and service offering.”
Simmons Private Equity (“SPE”) is the majority shareholder for both Pryme Group and Seanamic Group. The firm will continue in that role post merger. Jason Smith, a director at SPE and member of the Pryme Group board, commented:
“At Simmons Private Equity, we are focused on driving the growth of our companies through diversification. Through this merger, we are creating a market-leading manufacturing and testing company with the critical mass to support multiple industrial sectors, which includes oil and gas, offshore wind, defence and nuclear, as well as the critical work needed to accelerate the energy transition.
“All three companies have already established strong footholds in these growing markets, and we will target further growth in these areas as an enlarged, and enhanced group. In particular, energy transition related markets represent a key growth opportunity for the group with over 30% of the current order book emanating from this market, which is forecast to grow in the coming years.
“We are confident that by uniting the companies together as one team, we will unlock further value, improving the customer experience, and allowing us to grow the business in terms of sales opportunities and the benefits that come with a service offering with such synergies.”