UK infrastructure investment company InfraStrata has again added to its Harland & Wolff brand by acquiring all of the assets of Burntisland Fabrication, providing increased capacity across two sites in Scotland.
The sites are at Methil on the east coast of Scotland and Arnish on the west coast of Scotland, both in close proximity to a number of offshore wind projects. The two facilities will trade under the Harland & Wolff brand, complimenting existing sites Harland & Wolff (Belfast) and Harland & Wolff (Appledore).
“The Acquisition is expected to accelerate Harland & Wolff’s renewable market penetration by opening up projects previously at the planning stage before the Belfast site was acquired in December 2019 but are now ready to commence tendering for fabrication works,” the company said.
InfraStrata has paid £650,000 ($899,700) up front for the assets, with a further £200,000 subject to achieving future revenues targets.
John Wood, CEO of InfraStrata, commented: “I am very pleased to have completed the acquisition of the assets of Bifab, which is in keeping with our stated strategy of capitalising on complementary opportunities when they present themselves. Whilst the total consideration is not material, relative to our balance sheet size and market cap, it nevertheless is a very important and highly strategic acquisition for InfraStrata. With this acquisition, we now have a footprint in Scotland, which is the hotbed for major wind farm projects as well as for shipbuilding programmes.”