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Alresford: Subspection sold to Aberdeen firm

14 July 2008
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A Hampshire business with a world-class reputation has been sold to Stork BV in a transaction led by top 50 accountancy practice MorleyandScott.

Alresford-based Subspection has been sold to iicorr, a subsidiary of Stork BV, in a move which will enable one of its founding directors to focus on his passion for technology - which has been at the root of the business’s success.

Subspection is an industry leader in the measurement of electric fields in seawater, the development of anti-corrosion measures which protect ships, jetties and other marine installations from corrosion and in systems which can be used to monitor cathodic protection. Established in 1981 it now operates in more than 30 countries around the globe.

MorleyandScott partner John Foundling led the team advising Subspection’s remaining founders, Richard and Linda Holt, on the sale of the business which has built its world-class reputation on technological development in the field of cathodic protection and corrosion monitoring.

“We’ve invested heavily over a long period of time in the research and development required to ensure we have been at the cutting-edge of our business,” commented Richard Holt.

“We’ve been able to maintain our competitive advantage by going on to design and manufacture our specialist equipment.

“John Foundling and the team at MorleyandScott were able to advise us on every aspect of the sale and demonstrated a tenacious approach to problem solving at every stage of the process.

“We have not been through a transaction of this nature before, and they were able to prepare us for the process and then guide us through it as did our solicitor Anita Choi from Coffin Mew.

“The result has been the best possible outcome for the future of the business. I’m looking forward to continuing to focus my energy on technological development in the knowledge that the excellent team that works with us will now benefit from being part of a much larger organisation.”

The company, which employs more than 30 people in the UK and in Singapore, was acquired by iicorr for an undisclosed sum. Subspection specialises in cathodic protection measurement for the offshore oil industry, impressed current cathodic protection systems (ICCP) for the shipping industry and other underwater sensors.

Aberdeen-based iicorr was a competitor in the cathodic protection and measurement services industry and will now benefit from the acquisition of considerable intellectual property and production rights of Subspection’s cutting-edge technology.

The business, which has surveyed more than 63,000 km of pipeline and 250 offshore platforms over the last 27 years, will continue to operate from its bases in Alresford and Singapore. Richard will remain as a technology consultant in the combined business.

iicorr MD George Watson added: “Bringing Subspection to the iicorr family has been a coup for us. It puts us in the position of market leader in offshore cathodic protection services and subsea technical integrity for the oil, gas and marine industry worldwide. Our joint expertise with enable us to provide a more comprehensive scope of services to an expanding market.”

Local solicitor Anita Choi of Coffin Mew provided legal advice to Subspection whilst Denise Walker and Stephen Rosebury of Brabners Chaffe Street advised iicorr and its parent company Stork BV.


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