AD Ports Group acquires Divetech Marine Engineering Services
AD Ports Group has announced the acquisition of Divetech Marine Engineering Services, a UAE-based subsea surface solutions provider that offers a range of services including installation, inspection, repair and maintenance for ports and other maritime organizations.
The acquisition and integration of the company into AD Ports Group will expand the range of services offered by the Group’s maritime cluster, placing it in a strong position to generate significant commercial, operational and financial synergies.
The 100% acquisition will be fully financed from AD Ports Group’s existing cash reserves. Divetech achieved $24 million in revenue and $5.5 million in EBITDA in 2021.
Captain Mohamed Juma Al Shamisi, Managing Director and CEO of AD Ports Group, said: “Our acquisition of Divetech represents a significant strategic opportunity for growth, allowing us to integrate a dynamic company with a large pipeline of potential new businesses in our operations.
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“This acquisition also enables our Maritime Cluster to provide a fully holistic service offering that includes underwater inspection, maintenance and repair.”
Captain Maktoum Al Houqani, Director of Corporate Authority and Acting Head of Maritime Cluster, AD Ports Group, said: “This acquisition provides a strong strategic fit for our existing service portfolio and growth plans.
“Divetech is a leader in dive and marine services in the United Arab Emirates with a well-respected track record and a diverse customer base. It has also seen impressive revenue growth over the past three years.”
Read more: AD Ports Group revenue grows 14% to $1.1 billion in 2021