8
Tube ProducTs InTernaTIonal January 2014
news
business & market
Reece completes third acquisition
in 18 months
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
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.”
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.”
reece Group ltd
– UK
Pipe coil Technology ltd
– UK
Gordon Fiddes, managing director of Pipe Coil Technology, with Reece Group’s John Reece (chairman) and Phil Kite (CEO)
