Aberdeen-based Centurion Group revealed it has $100 million (£81m) to spend on continuing its acquisition streak this year after a consortium of lenders boosted its credit facilities.
Centurion, which is backed by private equity firm SCF Partners, also announced it had bought two businesses, one in the US and another in Australia, for $25m at the end of 2024.
These latest transactions means the Dyce-headquartered firm has now bought 20 businesses based across the globe since it was forged in 2017 through a merger with fellow Aberdeen energy services firm, ATR.
As announced before Christmas, Euan Leask has taken the helm of the group. Previously chief financial officer, the Aberdeen University graduate has become chief executive of Centurion as of 1 February. He replaced Houston-based CEO Fernando Assing, who has retired.
Centurion said 10 of its most recent deals have happened in the last three years, marking a speeding up of momentum as it builds on its foundation as an energy-focused rentals business to one serving multiple industries. In a statement, it added acquisitions were “central” to its strategy to grow its market share in renewables, minerals, infrastructure, environmental, defence and government.
It has identified a “pipeline of further acquisition opportunities” which will complement its existing operations across the UK, Australia, Canada, Europe, the Middle East and US.
The two latest deals include Althoff Crane Service, a Minnesota-based crane rental company delivering heavy lifting services to onshore windfarm projects across the US Midwest and WestWater Enterprises, which specialises in potable water treatment systems for municipal and industrial processes in Australia.
Lenders including ATB Financial, HSBC, the Royal Bank of Scotland, the Toronto Dominion Bank, Wells Fargo Bank and Virgin Money have increased Centurion’s existing credit facilities by $50m, taking its overall loan flexibility from $330m to $380m. This includes the $100m earmarked to fund company buy outs and capex in 2025.
Centurion ‘exciting new chapter’
In his first statement since becoming CEO, Leask said: “This is a very exciting time to be taking the helm at Centurion Group.
© Supplied by Centurion“Through a combination of organic growth and targeted acquisitions, the business is transforming into a global multi-industry rental and services business, which is well positioned for the future.
“The upsizing of our credit facilities further strengthens our financial position and provides us with $100m of firepower for future acquisitions in high growth end-markets.
“Althoff and WestWater are strong additions to the Centurion family. We are excited to welcome the teams to Centurion and we look forward to partnering with both businesses to support their growth ambitions.
“An exciting new chapter for Centurion is beginning. We are privileged to have a great investor in SCF Partners and I look forward to working closely with them and our board to continue to grow Centurion. I am confident the business is well positioned for 2025 and beyond.”
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