Scottish company Global Energy Group (GEG) has moved into the Australian market by acquiring a majority shareholding in West Perth-based Global Resources Network – GRN Australasia Pty Ltd in a deal believed to be worth about $20 million.
GEG plans to establish an Australian head office in Perth following the acquisition.
It follows five years of rapid expansion by GRN, which has lifted turnover from zero to $50 million over that period.
The current management team at GRN will continue to run the business and retain a 30 per cent shareholding.
GRN specialises in providing professional and blue collar personnel to the oil & gas, construction and mining sectors in Western Australia and the Northern Territory.
It’s clients including offshore drilling, construction, maritime, production and repair and maintenance contractors.
GEG, with 4,000 staff worldwide and revenue of $500 million, specialises in the construction, enhancement and maintenance of energy industry assets.
It has been named Scotland’s fastest growing company in the past three years and the UK’s fastest international growth for the same period.
Director Iain MacGregor said: “Although international economic conditions remain challenging, our continuing development including our acquisition in Australia gives us every reason to look to the future with considerable confidence.”
GRN’s Rick de Franck said: “We can now fully broaden our horizons and offer a fuller range of services to our clients.”
GRN will be rebranded to Global Resources to tie in with GEG’s international resource management business.
GEG was advised by Talbot Olivier and KPMG, and GRN was advised by lawyer Richard Rowick and Fremantle-based DFK Port Accounting.