Clearvac International, which provides services to the cruise ship, oil and gas and super-yacht markets around the world with a range of marine services and operations in the UK, Italy, Spain, Brazil and Thailand, has acquired the plumbing and electrical business of Fords Group.
Investment will be made to expand the geographical footprint of the business to encompass more of the South West and expand the range of services, including mechanical engineering services. The planned growth of Clearvac and Fords is expected to create a significant number of new jobs in the area.
David Salter, managing director of Clearvac International, said: “We have many exciting opportunities to grow both businesses and I am looking forward to working closely with the management team and staff at Fords to develop the business further.”
Roger Flynn, chairman of Clearvac Group, said: “This deal brings two strong UK businesses together under one roof. Today is a significant step forward in our ambition to create a global services business.”
Funding to support the transaction and the wider growth plans was provided by NatWest Structured Finance with transaction support provided by Isca Ventures. OTB Eveling provided legal services to Clearvac.
“Isca Ventures played a key role in supporting the deal through to its successful conclusion.” added Roger Flynn.