Aberdeen-based energy services firm, Three60 Energy, has recently made significant strides by announcing its acquisition of Scottish companies Pryme Group and Flexlife. This strategic move is set to create a powerhouse with a combined revenue of £200 million, reinforcing their position in the energy sector.
The Collaborative Force: Pryme Group and Flexlife
Founded in 2014, Pryme Group has emerged as a prominent provider of engineering solutions spanning multiple sectors, including offshore wind, nuclear, defense, and oil and gas. On the other hand, Flexlife, established in 2007 and based in Ellon, initially focused on flexible pipe technology within the oil and gas industry before pivoting its attention towards offshore wind projects.
This integration was set into motion when Pryme Group acquired Flexlife in 2021, following a merger with Caley Ocean Systems and IMES International—both under the ownership of Seanamic Group. The collaboration solidified their capabilities and expertise, positioning them as industry leaders.
A Strategic Acquisition
Simmons Private Equity, holding the majority shares of Pryme Group and Three60 Energy, orchestrated this acquisition. The acquisition, involving the transfer of shares rather than a cash transaction, reflects a well-thought-out strategic approach.
Stepping into a Bright Future
The newly merged group under Three60 Energy is poised to make waves in the energy sector. By combining their strengths and expertise, they are committed to delivering innovative energy transition, engineering, operations, and project management solutions across the asset lifecycle.
Walter Thain, the Chief Executive Officer of Three60 Energy, will continue to lead the charge. Joining him in this exciting journey is Kerrie Murray, the former CEO of Pryme Group, who will take on the role of Chief Financial Officer for the merged entity.
This merger will also see an increase in manpower, with 37 more employees joining the already strong team of approximately 300 staff based at Three60 offices in Aberdeen, both onshore and offshore. The company’s worldwide headcount is set to rise from 650 to around 1,000, reflecting the growth and expansion this acquisition will bring.
A Leap Towards a Promising Future
The integration of Pryme Group and Flexlife into the Three60 Energy family represents a significant leap towards a promising future. This collective force brings together expertise, innovation, and a shared commitment to advancing the energy sector. With their focus on delivering solutions across the asset lifecycle, this merger is set to contribute to the ongoing energy transition and shape the industry for years to come. Watch this space for the exciting journey that lies ahead!
You can read what Three60 have to say here: https://three60energy.com/three60-energy-acquires-pryme-group-and-flexlife/