Aberdeen-based investor Garrick Group has made drilling services specialist MRDS its third acquisition in 14 months.
Energy industry veteran Ronnie Garrick takes over as executive chairman of MRDS, whose sales director Ian McGillivray becomes managing director. MRDS founder Mark Robertson will continue to work with the firm as a technical consultant.
The price of the acquisition was not disclosed.
Ronnie Garrick said: “MRDS has built up an impressive reputation in the oil and gas industry for its drilling repair services and is a solid platform for the business to grow into global markets which is where we aim to take it.
"The company has continued to thrive through the pandemic which is testament to its loyal customer base and impressive track record and we look forward to working with the team.”
Garrick Group was founded in 2018 by brothers Ronnie, Davie and Douglas Garrick after they sold their TWMA oilfield services business to private equity firm Buckthorn Partners.
In October 2019, Garrick Group took over Aberdeen offshore services firm Spiral Services, formerly known as Spirotech, in a joint investment with Neil Thomson.
In March this year, Garrick Group bought London-based luxury airport transfers firm Real Transfers (UK) in a joint investment with Ozcan Ahmet.
MRDS, which was founded in 2015, specialises in project management, inspection, repair and overhaul of oilfield drilling equipment. It will retain its current workforce based in Altens, Aberdeen.
Garrick Group aims to help it expand into new markets including renewables and decommissioning.
McGillivray said: “I have watched MRDS grow from strength to strength in the North Sea and also in West Africa and the Middle East markets. The investment from Garrick Group will enhance MRDS’ position globally and allow us to sustain the international growth, whilst making more of an impact to help future proof the company for years to come."
Robertson said: “The acquisition comes at a time as we move into more international work and I want the company to continue to thrive. During the pandemic we have managed to sustain work and have had our workshops working to capacity, so we are in a position where the company has to continue to grow to its full potential and Garrick Group will see this through.
"I am looking forward to seeing where the company goes next and also to continue to support the business especially with the existing client base.”
