Global engineering contractor Motherwell Bridge has been acquired by Cape, the international provider of critical support services to the energy and mineral resources sectors. The GBP 37.65M deal will provide Motherwell Bridge with the resources to grow the business significantly in the future by allowing it to take on larger projects in overseas markets and increase its service offering.
Motherwell Bridge, headquartered in Lanarkshire, Scotland, is a leading provider of storage tanks, gasholders and heat exchangers in the energy and steel markets both in the UK and around the world. The senior management team at Motherwell Bridge, led by Chief Executive Russell Ward, will be retained and will continue to drive the company forward from its base in Motherwell.
Motherwell Bridge was acquired by the Kuwait Finance House from Bahrain in 2008 in a leveraged buyout, with Ward brought on board to transform the company’s fortunes and lead it back to profitability. Latest figures show Motherwell Bridge generating an EBITA profit of GBP 4.8M for the year ending 31 December 2012 on revenues of GBP 34.6M.
