Northbridge buys 28 large compressors from Energyst
By Murray Pollok11 August 2009
Northbridge, whose chief executive officer is Erik Hook, the former managing director of both Andrews Sykes and Longville Group, paid £1.2 million (€1.4 million) for the compressors, of which 90% has been funded by a hire purchase agreement with Lloyds TSB Commercial Finance.
The compressors are dual pressure units (including four specialist dryers) that can operate at either 24 bar or 34.5 bar and with air flows of up to 45.3 cubic metres per minute. Applications for the compressors include pipeline dewatering and pressure testing in the oil and gas industry. The compressors will be rented to large industrial users, utility companies and the oil and gas industries in the UK.
Mr Hook said; "The opportunity to acquire this fleet of large Sullair compressors was very welcome as the equipment is complementary to our existing fleet of specialist industrial equipment, helps us expand our current portfolio of rental assets, will bring many new customers and also expands the group into new areas of the market."
Northbridge meanwhile said the alliance with Sullair represented "the beginning of a relationship that is anticipated to grow as Northbridge expands into other areas and regions and in the longer term will enable Northbridge to offer service and rental of these products throughout Europe and the Middle East."
Northbridge, founded by Mr Hook in 2003 and listed on London's AIM market, already owns several businesses in the Middle East and Asia, including Dubai-based Northbridge (Middle East); RDS, which is based in Baku, Azerbaijan; and Crestchic in the UK, a manufacturer and renter of loadbanks worldwide.
In April Northbridge acquired a two-thirds share of TTERS, a Dubai registered company that rents generators to the infrastructure and oil and gas industries in the United Arab Emirates. Northbridge's head office is located in Burton-on-Trent in Staffordshire in the UK.