MOSS snapped by by Gresham-backed ICR
A CUMBRIAN mechanical services company has been acquired by private equity-backed ICR Integrity.
MOSS – Mechanical On Site Services – employs 60 people across its bases in Kendal and Aberdeen. It has enjoyed good growth of late and had a turnover of £5.5m.
Aberdeen-based ICR Integrity is backed by the Manchester office of Gresham Private Equity and specialises in repairs to pipework and other key equipment and infrastructure for the oil and gas sector.
MOSS supplies a range of on-site mechanical services, including specialist machining, bolt tensioning and engineering solutions, to the energy, oil and gas and defence industries around the world.
Iain Wolstenholme, partner, Gresham Private Equity, said: “ICR Integrity’s acquisition of MOSS is the second since our investment in the group last year and another building block in ICR’s buy-and-build strategy.
“The potential we have identified in the integrity, corrosion and repair sector is huge and provides ICR Integrity with significant opportunity for further growth, both organically and through acquisition.”
Darryl Dixon, managing director of MOSS , and the other members of the management team will continue to lead the business in Kendal to drive future growth.
Gresham Private Equity and HSBC provided funds to support the transaction as part of ICR’s growth strategy.
Advisers for ICR Integrity included the Manchester office of law firm DLA Piper, Manchester, while for MOSS, legal advisers were Brabners Chaffe Street (Preston) and the Kendal office of accountants Moore and Smalley.
