In a strategic move to consolidate its position in the offshore wind power sector, Swedish technical solutions group Addtech has acquired a 90 percent stake in the UK-based subsea solutions provider Feritech Global. The acquisition, which took place on 5 May 2023, is anticipated to have a marginally positive impact on Addtech’s earnings per share during the current financial year.
Founded in Cornwall, UK, Feritech Global specializes in the design and manufacture of bespoke technical solutions for the geotechnical subsea sector. The company currently employs a team of 21 and has an annual turnover of approximately £4.5 million (EUR 5.2 million, SEK 58.1 million). A major part of their business strategy focuses on its operations in the rapidly expanding offshore wind power industry, which aligns with Addtech's growth plans.
A complementary addition
Addtech is confident that the acquisition will serve as a complementary addition to its existing operations within the Vehicle Solutions business unit, thus fortifying its market position.
It's noteworthy that Feritech had secured a £1 million growth loan in 2022 from the Cornwall and Isles of Scilly Investment Fund (CIOSIF) to foster its overseas expansion. Thus, this new partnership with Addtech is expected to further accelerate Feritech's global growth initiatives.
The acquisition marks an important step in the strategic expansion for both companies, harnessing their collective expertise to meet the growing demand for advanced offshore wind power solutions.