Aberdeen businessman, Mark Cavanagh, has acquired Inverurie-based Asset Management Efficiency specialists Arnlea Systems Ltd from First Tech Limited for an undisclosed amount.

Arnlea solutions helps oil & gas operators and service providers to manage their owned and rental assets in a smarter and more efficient way by giving greater visibility of the condition and location of equipment and materials, whilst demonstrating safety compliance, equipment integrity, and workforce competency.

The company has a turnover of £1.5 million with 11 employees operating globally and is forecasting 30% growth in the next 12 months.

The management team, headed up by managing director Kevin Boyd, and all the employees remain with the business under its new ownership.

Mr Cavanagh has major share-holdings in several North-east companies including XPD8 Solutions, NexusAB and OIE Services. He also owns city restaurants, No 1. Bar/Grill and Fusion Bar and Bistro.

Commenting on the deal, he said: “It is very much business as usual for customers, suppliers and staff.

“With oil and gas operators focused firmly on safety, integrity and efficiency, Arnlea has significant growth potential particularly in the areas of asset integrity inspection and asset tracking. I aim to work with the management team to exploit all opportunities to build a strong international business.

“While all very different, there is a natural fit and potential synergy between several of my businesses and the aim is to capitalise on that. XPD8 and Arnlea already work together and we will be exploring new opportunities for collaboration.”

Tags: Arnlea Systems Ltd