Aggreko has announced an offer for load bank manufacturer Crestchic, saying , saying “the addition of Crestchic to the Aggreko Group will help accelerate Aggreko’s plan to target high-growth attractive end-markets such as renewable energy and data-centres”.
In a trading update for the six months to the end of June this year, Crestchic executive chairman Peter Harris said, “We entered 2022 with a record order book for sales of our manufactured products and order intake, through the first half of the year and into the second half, has remained at record levels. The higher margin rental business has also prospered, with high levels of activity around the world across all sectors, notably in data centres and extractive industries.”
He added, “there is little doubt that the uncertainties created by the war in Ukraine have caused national governments and large corporates to re-evaluate their strategies so as to reduce dependence on potentially unreliable or unfriendly states for energy and commodities, which is kick-starting exploration and development activity on a broad front.”
Aggreko said it and Crestchic have complementary product offerings and the businesses are well-aligned with Aggreko’s objective of helping its customers use more renewable sources of energy. It said the wider Aggreko Group will allow Crestchic to accelerate and de-risk delivery of its strategy. Aggreko believes that securing Crestchic’s future in a group with a well-aligned strategy is the best path forward for Crestchic’s employees, customers and wider stakeholders.
In August 2021 Aggreko was acquired by funds managed by TDR and I Squared.