Vision Capital has acquired JDR Cable Sytems from Bridgepoint. The deal is believed to have been valued at over £90m.
The JDR Group consists of two business units. Umbilical Systems, based in the UK, Houston and Thailand, provides subsea production umbilicals, workover control umbilicals and subsea power cables to major offshore oil and gas projects worldwide.
Smart Solutions, based in Rotterdam, provides high engineered subsea cables to the seismic exploration and naval defence markets.
“JDR management has followed a robust business strategy that has not only grown the company's value substantially but has positioned the group for further expansion in its chosen markets,” said Raoul Hughes of Bridgepoint.
Scott Greenhalgh of Vision added: “We are impressed with the strength of JDR's key customer relationships that have been developed over a long history of providing complex umbilical and cable systems. We look forward to making further investments in manufacturing capacity to expand the business in both its core products, and also the new opportunities offered by the renewable energy sector.”
Bridgepoint aquired JDR for £36m in 1998. The firm has since relocated the company's headquarters from Aberdeen to Houston.