PETERHEAD wholesale Strachans Limited has been acquired by Wrist Ship Supply, one of the world’s largest ship supply companies.
The Blue Toon business is the supplier of choice to the offshore catering market and boasts a significant market share on rigs, platforms and within offshore shipping.
Strachans, which also has operations in Aberdeen and Great Yarmouth and a presence in the Netherlands, has successfully gone on to become the UK’s leading supplier of food and drink to the offshore market in the North Sea having begun life as a retail chain in 1939.
It supplies everything from fresh food and drink to other consumables and general supplies for workers on platforms, rigs and supply vessels.
Wrist intends to keep the Strachans name and James Strachan – Strachans’ managing director and the third generation of his family to head the business – will remain with the company.
He said: “This deal provides Strachans, its employees and its customers the opportunity to be part of a thriving global operation. Combining our reputation for service excellence within the offshore market with Wrist’s worldwide network makes for a compelling proposition and the chance to build a brand that is known as the global supplier of choice for the offshore market.”
Robert Steen Kledal, managing director of Wrist Ship Supply, said: “Strachans’ specialist offshore expertise and proven track record makes it an excellent partner through which to capitalise on the opportunities of the growing offshore market for supplies.
“Fundamentally, it continues Wrist’s rapid growth, as we look for continued and controlled expansion, strengthening our worldwide operations and creating an unrivalled global platform for providing supplies to the shipping, offshore and related markets.”
Oil and gas transactions specialists at Ernst & Young’s Aberdeen office provided Mergers and Acquisitions advice to shareholders of Strachans.
Barry Fraser, mergers and acquisitions director at the firm, added: “Strachans has developed an excellent reputation and market leading position in the North Sea. The transaction is another example of UK oilfield services expertise being sought-after worldwide. Strachans is ideally placed to continue its success as part of Wrist and Ernst & Young, along with Strachans’ shareholders, is delighted to achieve this outcome.”
Wrist Ship Supply is one of the world’s top three global providers of ship supply services with a market share of more than 4%.
The company utilises its global network, scale, advanced technology and purchasing strength to provide its customers with all types of ship chandlery.