ABERDEEN family business Survivex has been bought out by Dorset-based 3T Energy Group after saying earlier this year that it was “looking to consolidate [its] position in the market” .
The deal comes at a time when the offshore training firm , which was set up in 2011 by Andrew Green and parents George and Margaret Green, had started to recover after seeing both turnover and profits fall in the wake of the oil price slump.
In the year to March 2016 turnover at the business almost halved, dropping from £12 million to £6.7m, while a pre-tax profit of £2m turned into a loss of almost £500,000.
READ MORE: Survivex plans to grow staff and expand abroad with £3.3m loan
In the year to March Survivex, which has a workforce of 70, saw its turnover rise by six per cent to £7.2 million while its pre-tax profits increased from £265,852 to £708,065.
Mr Green junior, who is chief executive of Survivex, said the firm had felt that “the opportunity to join a global group with an ambitious vision was simply too good to miss”.
“I’m very much looking forward to the start of this new journey and all that the future holds,” he added.
3T Energy, which is backed by specialist private equity firm Blue Water Energy, was created earlier this year specifically to bring AIS Training and Drilling Systems together under one group.
Like Survivex, AIS Training provides training courses for businesses operating in the oil and gas industry while Drilling Systems manufactures simulators that are used in the sector.
READ MORE: Survivex plans to grow staff and expand abroad with £3.3m loan
3T Energy president Paul Stonebanks, who founded AIS Training, said the addition of Survivex to the group would “allow us to achieve our long-term growth plans and help our client base to reduce costs while increasing safety”.
“Globally, the 3T business aims to leverage its expertise, working with strategic partners, to implement technology solutions to enhance performance in the energy sector,” he said.
The terms of the Survivex deal have not been disclosed but it is understood that Mr and Mrs Green senior were the largest shareholders in the firm.
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