Energy Cranes changes hands

UK-based offshore crane engineering and mechanical handling specialist Energy Cranes International has been acquired by UK merchant bank Close Brothers Private Equity (CBPE) from LMS Capital plc in a £142 million (US$281 million) deal.

Energy Cranes International Limited, in Aberdeen, is "the world's leading provider of offshore crane engineering, maintenance, operation, rental, design and manufacture services," it said. The group also offers lifting training services specific to the offshore oil industry through its trading arms Sparrows Offshore and Energy Cranes LLC.

"Our mission now is to continue to build service excellence whilst innovating in product and service development and adding new businesses to the group through further acquisitions. We have exciting near-term projects in the pipeline which will see us enter further new market segments," said John Jordan, Energy Cranes chief executive, who will continue in his post following the deal, along with other executive directors.

In 2007 Energy Cranes achieved sales of £117 million ($232 million), up 16% on 2006, including part-year contributions from Aberdeen Hydraulics Services Ltd and Marine and Mainland Cranes LLC, acquired in August and September 2007, respectively.