Nessco bought by RigNet for £31 million
06 July 2012
Aberdeen-based oil and gas telecoms specialist Nessco Group Holdings has been bought in a deal which could be worth more that £31 million by US communications group RigNet.
The combined business will operate under the RigNet brand and its existing operations in the north-east of Scotland will move to Nessco's headquarters in Aberdeen. No redundancies are expected from the move. The Scottish Investment Bank invested in Nessco alongside Maven Capital Partners in 2008 and 2011.
Derek Shaw, Senior Investment Manager at the Scottish Investment Bank, commented: "Scottish Enterprise has supported Nessco for a number of years. In 2008 we made an investment into the company through the Scottish Investment Bank's venture fund alongside Maven Capital Partners.
"This funding, along with a follow-on investment by the Scottish Investment Bank in 2011, has allowed the company to invest in infrastructure and personnel and we are delighted that our investment has enabled it to achieve its ambitious growth plans with both turnover and profits growing significantly since 2008, coupled with a steady increase in the workforce.
"The acquisition by RigNet Inc represents an excellent strategic fit for both companies which will see Nessco's Scottish operations being retained and becoming RigNet's global centre of excellence for its systems integration service offering. We look forward to working with RigNet to support the continued growth of Nessco from its headquarters in Aberdeen. This is an excellent deal for Scottish Enterprise, the Scottish Investment Bank and the Scottish Economy."
Established in 1979, Nessco designs, builds, installs and commissions client telecommunications systems including fiber optic, digital radio, voice and data networks, closed circuit television, marine communications and satellite networks. With more than 120 employees and dedicated contractors, Nessco has been engaged in major projects in the UK and worldwide.
Texas-based RigNet specialises in providing voice and data services including video conferencing facilities to remote oil and gas drilling and production sites in more than 30 countries.