Ashtead Technology Expands Reach with £53m Acquisition of ACE Winches

In a strategic move to fortify its presence in the energy services sector, Ashtead Technology has successfully acquired ACE Winches, a fellow north-east energy services firm, in a groundbreaking multi-million-pound deal valued at £53.5 million. This significant acquisition underscores Ashtead Technology's commitment to growth and diversification in the rapidly evolving energy landscape.

The acquisition, completed through a cash consideration, marks a momentous occasion for both companies. ACE Winches, previously owned by founders Alfie and Valerie Cheyne, has now become an integral part of Ashtead Technology's expanding portfolio. The deal not only strengthens Ashtead Technology's foothold in Aberdeenshire but also bolsters its workforce, increasing its headcount from 320 to over 520, with approximately 400 employees based in Aberdeenshire.

Allan Pirie, Chief Executive of Ashtead Technology, expressed his enthusiasm for the union of these two entities, stating, "Both businesses have deep-rooted history and heritage in Aberdeenshire whilst delivering for our customers globally. As a combined business, we will continue to strengthen our capabilities in Aberdeenshire whilst leveraging our strong international footprint and infrastructure to drive continued international expansion of our business and deliver Ashtead Technology products and services to a larger global customer base."

The synergies between Ashtead Technology and ACE Winches are expected to create new opportunities for growth and innovation. While ACE Winches has a strong foothold in supporting the installation, inspection, maintenance, repair, and decommissioning of offshore infrastructure, Ashtead Technology sees potential in redeploying these assets in offshore renewable markets and further internationalizing its business.

The collaboration is anticipated to reinforce Ashtead Technology's strategy of expanding its fungible fleet and range of offshore services solutions, ultimately enhancing its customer offering and gaining a more significant market share. The company's robust financial performance in recent times, with a 57.1% increase in revenues and a notable surge in profits, sets the stage for a promising future as it embraces ACE Winches into its fold.

Alfie Cheyne, founder and chairman of ACE Winches, shared his optimism about the acquisition, stating, "Ashtead Technology is an outstanding business with a first-class reputation, and the clear synergies between both companies will give us the platform required to accelerate our growth."

This acquisition follows Ashtead Technology's trend of strategic expansions, including the acquisition of Hiretech in 2022 and WeSubsea in September 2022, solidifying its position as a major player in the offshore equipment rental and services sector. As the energy industry undergoes transformative changes, Ashtead Technology's strategic moves highlight its adaptability and commitment to shaping the future of the sector.