ICR Integrity acquires pipeline specialist Quickflange

Aberdeen-based energy services group ICR Integrity Limited has added Norwegian pipeline company Quickflange AS to its growing portfolio.

This acquisition follows the management-buyout of ICR in March 2014, which was backed by Graphite Capital. It represents a new phase of growth for ICR, which already comprises Walker Technical, North East Corrosion Engineers, MOSS, and Chemical Injection Utilities.

Formed in 2003, Quickflange is a leading provider of connection solutions for improved pipeline integrity and flow assurance, and specialises in weldless pipeline repair and rehabilitation. Its advanced technologies have been deployed in more than 4000 applications worldwide. With headquarters in Stavanger, a research and technology centre in Tvedestrand, and offices in the UK, Brazil and Dubai, the company has 40 employees and a turnover of £10 million.

ICR Integrity chief executive Willie Rennie said that Quickflange’s market leading patented technology complements ICR Integrity's existing range of integrity and maintenance solutions and offers new opportunities for accelerated growth.

Rennie explained: "Our aim is to create a group of companies specialising in integrity, repair and maintenance in the global energy sector. Acquiring a company, which is as technically and operationally strong as Quickflange, and has such a solid R&D capability driven by talented people, gives us the opportunity to offer our clients an even wider range of solutions.

“By implementing the successful buy-and-build strategy we have applied with our other acquisitions, ICR will support the substantial growth of Quickflange and invest in its workforce, technical excellence and geographical reach."

Rune Haddeland, CEO at Quickflange, added: “Becoming part of the ICR group opens up a number of very exciting opportunities for Quickflange. The company is going through a record period of growth and we expect that the additional management support and investment from ICR will help us to accelerate this growth into new markets and broaden our international reach as a result. Quickflange has a great synergy with the ICR group and its other integrity focused companies, and we expect this synergy will enable the development of the company’s capability and allow Quickflange to offer a wider range of services to existing and new clients.”

Quickflange will continue to be led by CEO Rune Haddeland, along with other members of the management team. Graphite Capital provided additional equity funding to support the acquisition as part of ICR’s growth strategy, together with banking finance from HSBC and RBS.

Adapted from press release by Katie Woodward

Read the article online at: https://www.worldpipelines.com/business-news/02102014/icr-integrity-adds-quickflange-to-portfolio-873/