One of Great Yarmouth's leading oil and gas firms is embarking on a new era following a buyout deal.
Prior Diesel, based on the Gapton Hall Industrial Estate, has been acquired by Irish-based Suretank, a global provider of engineered solutions to the offshore oil and gas industry in an undisclosed deal.
Prior Diesel, which employs 100 staff, said the deal would herald a 'major international investment into the local economy' by Suretank.
Archie MacLean, founder and chairman of Prior Diesel said: 'It is not anticipated that there will be any major changes to the business operationally, but the acquisition offers an opportunity to accelerate the company's strategic plans for growth, and we are looking forward to continuing to strengthen and develop what Prior Diesel does best – designing and building high quality, customer-driven engineered products, offering first class engineering and design expertise, and demonstrating an unrivalled commitment to quality and service'.
The last 10 years has seen continued expansion and development of the business, with turnover increasing from just over £4m in 2004/5 to over £14m in 2013/14, and the number of employees increasing from 33 to over 100.
Following the announcement, it said Mr MacLean and joint managing directors, Chris Conroy and Gordon MacLean will remain with the business.
Suretank, a global leader in the supply of tanks and CCUs (Cargo Carrying Units) to the offshore oil and gas industry has design and manufacturing facilities in Ireland, Brazil, China, the Netherlands, Poland, Thailand, UK and USA as well as sales offices in Australia, Malaysia, Nigeria and Norway. Its product range includes chemical and acid tanks, helifuel tanks, offshore containers, baskets, mudskips and cryogenic tanks.
John Fitzgerald, Suretank CEO, said: 'We are delighted to welcome Prior Diesel into the Suretank family as we continue to develop Suretank as the leading global provider of engineered solutions to the offshore oil and gas industry. It will be business as usual - only better - at Prior Diesel.'
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