Prior Diesel sold to Suretank

Suretank, a world-leading manufacturer of CCUs (Cargo Carrying Units) for the Offshore Oil and Gas Industry, has acquired Prior Diesel, an oil services company, specialising in the design, manufacture and servicing of oilfield equipment including nitrogen pumps, specialist skids, coil tubing and wireline units. Initium advised the shareholders of Prior Diesel on the transaction.

Prior Diesel, based in Great Yarmouth, has served the oil and gas, marine and industrial sectors since 1980. Suretank was established in 1995 in Ireland to supply offshore chemical tanks to the North Sea. the company is now a global supplier of offshore tanks and offshore containers and the largest manufacturer of DNV 2.7-1 certified products.

Prior Diesel’s Joint managing directors Chris Conroy and Gordon MacLean, together with founder and chairman Archie MacLean, remained with the business.

“Initium managed to achieve far more than if we’d gone the traditional route” – Chris Conroy and Gordon MacLean, Prior Diesel

Commenting post-transaction, Chris Conroy and Gordon MacLean said: “We were drawn to the whole Initium ethos, and were impressed by the simple logic of what seemed to us a novel approach to selling a business. The fact that Initium didn’t put a price on the business was important to us; it had great appeal. Actively selling the business rather than simply listing the company was the bit that really drew us in.

“We would have never taken the time-out to stand back and ask some of the questions that Initium asked us during the sale. It made us realise strategically where the business was strong and where it was weak. Initium managed to achieve far more than if we’d gone the traditional route and we’re very happy with how it all turned out.”