TPI January 2014

news business & market

Gordon Fiddes, managing director of Pipe Coil Technology, with Reece Group’s John Reece (chairman) and Phil Kite (CEO)

Reece completes third acquisition in 18 months

Phil Kite, Reece Group CEO responsible for acquisitions, stated, “Our goal is to create a more broadly based engineering business which is less dependent on defence, with strength in the oil and gas, construction and subsea markets. The acquisition of Velocity UK, Responsive Engineering and Pipe Coil Technology in the last 18 months highlights the progress made in delivering on our strategic plan. The acquisition of Pipe Coil Technology gives us another product business and we are excited by the opportunity this will create.”

equipment for a wide variety of flexible piping products. The business has a forecast turnover of over £6mn. John Reece, chairman of the Reece Group, commented, “This is another strategic acquisition for the Reece Group; it comes on the back of our acquisition of Velocity UK and Responsive Engineering last year and our recent purchase of the BAE Systems property on Scotswood Road. “Pipe Coil Technology adds a third product company to our business, enabling us to explore another new market. The business has shown it can deliver world-class engineering solutions and we are looking forward to working with the management team to grow the business.”

As part of its continuing strategy to create a diverse engineering business, the Reece Group has acquired a 100 per cent stake in Pipe Coil Technology Ltd. The Reece Group is the holding company for a number of UK engineering businesses, including Pearson Engineering, Responsive Engineering, and Velocity UK. These businesses operate in the defence, subsea, construction and oil and gas markets. Following the acquisition, group turnover will be £100mn. Pipe Coil Technology, based the north east of England, is a specialist in the design and manufacture of complete coiling, packaging and handling

reece Group ltd – UK info@reece-group.com www.reece-group.co.uk

Pipe coil Technology ltd – UK www.pipecoil.co.uk

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