Air Energi boosts S Korea presence with acquisition
AIR Energi Group, the international technical recruitment company, has acquired a business in South Korea.
The Manchester headquartered business, which operates in more than 40 countries, has bought Kitco, a supplier of manpower, training, accommodation and procurement services in the Asian country.
The combined business will be called Air Energi Kitco and will be led by Kitco’s chief executive Won Seong Choi.
Currently supporting more than 600 oil and gas professionals, Air Energi Kitco will provide local staff and expatriates compliant to mandated requirements, together with global mobility services, accommodation and procurement services.
The company has exclusive arrangements with property developers that ensure access to high quality western-style apartments in key locations such as Ulsan and Geoje.
“Air Energi’s chief executive Duncan Gregson said: “Many of Air Energi’s existing and target clientele are managing significant construction and fabrication projects out of South Korea for the foreseeable future.
“Kitco has built a fantastic business and a reputation for being the go-to player for oil and gas firms looking to resource projects in the region. This acquisition marks a major milestone for the Air Energi Group, provides a solution to the challenge of finding suitable accommodation for expatriate workers, and gives us first mover advantage over our international peer group in what is a burgeoning market.”
Chairman Ian Langley added; “We are delighted to confirm that Mr Choi will be leading the new business. He has a long track record of success and a strong understanding of the local fabrication industry and the wider oil and gas market, which is hugely important to our approach of thinking globally and acting locally.”
Backed by private equity investor LGV Capital, Air Energi featured on this year’s Sunday Times International Track 200, having grown its international sales by more than 35% on average over the last two years to more than £290m.
Air Energi was advised on the deal by Mark Winthorpe, partner at Manchester law firm Pannone Corporate.
