Ashtead Technology Expands with Acquisition of ACE Winches

Ashtead Technology Holdings PLC (AIM:AT.), a specialist in subsea equipment, experienced a notable surge in its stock price, rising by 16% to 566p, following the announcement of its acquisition of ACE Winches, a prominent engineering firm in the offshore energy sector. The acquisition, reportedly costing Ashtead Technology £53.5 million, will lead to the addition of 200 new staff members to the company, increasing the total headcount to 520.

Headquartered in Aberdeenshire, ACE Winches is renowned for its expertise in designing and developing lifting, deployment, and pulling solutions for the maintenance and repair of offshore energy rigs. The strategic location of ACE Winches in the same county as Ashtead Technology and two other companies acquired by the latter in 2022 presents an opportunity for the company to further expand its operations in the region.

Allan Pirie, the CEO of Ashtead Technology, expressed his excitement for the acquisition, stating, “We are delighted to announce this strategic acquisition… The deal provides strong industrial logic adding complementary capabilities to bolster our mechanical solutions service line to deliver an enhanced and more integrated offering to our customers.” He also highlighted the company’s intention to utilize the Turriff headquarters of ACE Winches as a key operational facility in the future, alongside its efforts to leverage its international footprint for continued global expansion.

The acquisition of ACE Winches is expected to enhance Ashtead Technology’s mechanical solutions service line, offering a more comprehensive range of services to its customers. The company aims to strengthen its presence in Aberdeenshire and utilize its global infrastructure to facilitate the international expansion of its business, thereby reaching a wider customer base worldwide.

The strategic acquisition of ACE Winches positions Ashtead Technology as a key player in providing innovative solutions and services to the offshore energy sector. With the addition of ACE Winches’ capabilities, the company is set to enhance its offerings and provide more integrated solutions to meet the evolving needs of its customers.

In conclusion, the acquisition of ACE Winches marks a significant milestone for Ashtead Technology as it expands its operational capabilities and strengthens its position in the offshore energy sector. This strategic move reflects the company’s commitment to meeting the needs of its customers through enhanced services and a global presence.