Mechanical engineering group, EnerMech, has ring-fenced more than £40 million ($65 million) to launch a major expansion in to the USA, as it seeks to replicate its massive growth in Europe and the eastern hemisphere.
Up to £9.5 million ($15 million) will be invested in new Process, Pipeline and Umbilical (PPU) equipment with another £31.5 million ($50 million) set aside for strategic acquisitions allied to its other service lines and to build upon the existing USA business.
The ambitious UK company has also headhunted two senior US oil and gas figures who will lead the Stateside expansion. Vince Kouns and Alan Sweeney, who were respectively Founder/President and Vice President of Valkyrie Commissioning Services until it was acquired by Weatherford in 2005, will be responsible for establishing the overall EnerMech brand and service lines in the Americas region, reporting directly to EnerMech main board director Les Graves.
EnerMech managing director, Doug Duguid, forecast a two pronged strategy of organic growth of the existing PPU business plus acquisition led growth in cranes, equipment rental, hydraulics and valves, which will generate profitable revenues in excess of £30 million within three years.