Pipeshield manufactures underwater buildings to guard pipelines and cables
Steve Howlett created Pipeshield in 1999 and has developed it to develop into one of many world's main suppliers of specialised underwater pipeline safety methods for main oil and fuel teams and offshore contractors.
Pipeshield's underwater concrete mattresses and electrical cables the place they can’t be buried, limiting the impression of localized scour. Its head workplace is situated in Lowestoft and its manufacturing amenities are situated in Blyth, Aberdeen, the United Arab Emirates, Saudi Arabia and Singapore.
In 2018 she made a pre-tax revenue of £ 800,000 on a turnover of £ 6.6m.
Steve Howlett has now yielded, with Tekmar having purchased out the corporate, handing him £ 5.75m in money and £ 750,000 in Tekmar shares.
Mr. Howlett, who turned 60 this 12 months, has pledged to stay CEO of Pipeshield for no less than a 12 months and never compete inside six months of his departure.
Tekmar additionally manufactures submarine safety methods. Basic Supervisor James Ritchie mentioned, "Pipeshield is ideal for Tekmar. Its merchandise are complementary, which permits us to extend and broaden our provide to prospects and to comprehend our imaginative and prescient of the group. The corporate has many similarities with Tekmar, whether or not they’re finish prospects or markets, however most significantly, it adapts to the tradition. Pipeshield has excellent abilities that display its dedication to security, high quality and, above all, individuals. These are key values that we share with all firms within the group. I'm actually excited concerning the prospect of including Pipeshield to Tekmar's portfolio and welcome Steve and his crew to the household. "
Steven Howlett mentioned, "Tekmar and Pipeshield have many similarities. We’re suppliers of superior applied sciences within the subject of underwater safety and share the same historical past and tradition. I want to thank the Pipeshield crew for all their exhausting work and to persuade them, and to emphasise to my workers and my purchasers that this alteration of possession will solely enhance the alternatives for the corporate. firm and our ardour for offering distinctive technical options. Aside from this, the actions happen as common. "