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Clyde Blowers Capital announces acquisition of Parsons Peebles
22nd January 2013
Clyde Blowers Capital today (Tuesday January 22) announced the acquisition of Parsons Peebles Generation Ltd from Patersons Quarries Ltd.
Parsons Peebles Generation is an internationally respected engineering company and market leader in power generation and motors based at Rosyth in Fife, Scotland
The business has an enviable history going back over 100 years in the manufacture of electric machines. It offers customers a complete package covering design, manufacture, testing, installation and commissioning - backed by a dedicated global service and repair team.
Chairman and CEO of Clyde Blowers Capital Jim McColl, said: “I am pleased to welcome Parsons Peebles Generation Ltd into our portfolio of companies. For over a hundred years, the business has demonstrated that it has an outstanding track record of designing high quality electric machines for customers across a wide range of industries. We believe that this heritage, complemented by a highly skilled workforce, will provide us with a strong platform to significantly grow both market share and profitability.”
Chairman of Patersons Quarries Willie Paterson said: “We are delighted to announce the sale of Parsons Peebles Generation to Clyde Blowers Capital, who can truly take the business back onto the global stage. We are similarly pleased that our subsidiary, Gartsherrie Engineering, will remain as a key supplier to Parsons Peebles Generation going forward. The deal will result in a substantial cash injection into the Patersons Group which will significantly bolster our group balance sheet.”
The acquisition of Parsons Peebles Generation Ltd continues Clyde Blowers Capital’s continued investment in mission-critical engineering companies serving the oil and gas, power and mining sectors.