Noble Denton is stepping up the search for dynamic, like-minded companies as it aims to strengthen its service offering and build on its capabilities in the offshore energy, marine and renewable sectors across the globe. The company has offices around the world, including Malaysia and Dubai, is keen to do more business in the Middle East and Far East regions as it sees these markets as growing areas of opportunity.
The announcement of a number of key acquisitions in recent months and the creation of an in-house M&A team, sends out a strong statement to the industry of Noble Denton's intentions to accelerate its growth to achieve critical mass scale to become an attractive contender in the public market. "Our vision is to provide a client-focused and fully integrated marine and engineering consultancy service", said David Sutton, Managing Director, Noble Denton. "Financial support and expert guidance from our investors has allowed Noble Denton to pursue its business plans much more aggressively and a dedicated M&A team will drive momentum to consider opportunities with a similar ambition and motivation as our own."
The company, which currently employs more than 400 people, is an independent, market-leading firm of consultants offering an integrated range of marine and engineering consultancy services to the global shipping, insurance and offshore energy industries. The group is established in key oil and gas locations across Europe, Middle East, Americas and Far East and was founded on the basis of combining practical seafaring expertise with advanced engineering analytical skills.
In 2006 Noble Denton joined forces with two Norwegian private equity firms, HitecVision and Ferncliff TIH. Each took a combined 60% stake in a new parent company, Noble Denton Group Limited, with management and employees retaining the remaining 40% shareholding.
In July last year, following a stringent commercial diligence process, the group acquired Poseidon Maritime (UK) Ltd (PML) for 17million AED (2.4million GBP), which enhanced Noble Denton's presence in the marine consultancy arena and brought on board new capabilities specifically related to dynamic positioning. David Sutton, Noble Denton's Managing Director who is based in Abu Dhabi, said the group operates a robust and analytical approach to finding the right acquisition target. "The company's rigorous procedures drilled deep into the very soul of the business and revealed interesting ways in which PML could improve its operations and profitability through the creation of a major marine services alliance. It's a dynamic company and the move has been extremely positive. We have already experienced an upturn in business and an increase in enquiries for our services."
Only a month later, Noble Denton announced its acquisition of Lowe Offshore International Inc, which provides complete project management services to the oil and gas industry, further strengthening the company's technical excellence and high quality service provision from a broader global platform. "The move has increased annual turnover to in excess of 360 million AED - 50 million GBP, " said Sutton. "Though Noble Denton was involved in some parts of the process of building offshore installations, together our capabilities and skills can oversee and manage the project from conception to execution. Having Lowe Offshore on board has given the group more scale in high productivity areas such as the US and Gulf of Mexico."
"Our integration process and marketing plan is continually being reviewed and improved to ensure each new business acquisition becomes part of the group procedures and vision quickly and smoothly with few complications and challenges.
"Communication is key at all stages from transaction through to integration and we recognise the need to ensure each member of staff is fully embedded in the organisation. This enables us to work together effectively, to the high standard our clients are used to," said Sutton.
With the acquisition of Bomel Ltd, a specialist in high quality research and development, engineering, project management and health and safety consultancy, Noble Denton is also building its capabilities in the renewables sector.
The group is attracting a considerable amount of interest from companies looking to be part of this burgeoning success story and the M&A team is interfacing closely with the corporate finance community to assess suitability and develop real targets. "Noble Denton has a strong brand that people are interested in and want to be part of it," stated Sutton. "Finding the right company with the right strategic fit is key to our acquisition strategy. Essentially, we are interested in businesses in an upward growth cycle that have a motivated management team who share our ambitions and can see the benefits of being part of the group. With a strong balance sheet and supportive investors, we now have the financial capability to buy bigger."
With a solid balance sheet, management experience and financial support, the group's vision for 2010 is to be the premier marine engineering provider of complex marine and offshore operations and its doors are open to like-minded companies looking to join them on the journey.
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© Press Release 2008
