A Belfast company has acquired a global marine business in a whopping £31m deal, absorbing over 450 new staff.
Based in Dunmurry, Survitec Group Limited, which employs more than 1000 people around the world, makes safety and survival equipment and has just taken over Cosalt Marine.
Cosalt supplies liferafts, lifejackets and immersion suits and the firm's marine products are well known in their respective sectors, ranging from industrial and commercial to surfing, kayaking and other leisure pursuits.
These will be integrated into the Survitec Group portfolio, joining the other established brands of RFD, DSB, EV and Beaufort.
Cosalt's clients include RNLI, P-amp;O Ferries and Caledonian MacBrayne. More than 450 staff will transfer to Survitec, along with key members of the management team.
The business has turnover in excess of £57m.
It operates across 21 sites in the UK and continental Europe, including 19 service and distribution centres, adding to Survitec's existing portfolio of 17 owned and more than 400 subcontracted service stations.
Cosalt will be rebranded as Survitec Service and Distribution Ltd.
Survitec was itself acquired by American private equity firm Warburg Pincus in 2010.
This is the second acquisition this year and the fourth since Warburg Pincus's investment.
Since last year the company has acquired Seaweather Marine in the UK, and also the commercial marine business of Revere in the USA.
Survitec Group chief executive Doug Baxter said that the takeover will give customers further confidence and an increased range of life-saving equipment.
"Cosalt's history of providing vital services and bespoke lifesaving equipment makes it an extremely complementary acquisition not only because of our shared philosophy of putting safety and survivability at the heart of everything we do, but also because of the natural fit of our product ranges." he said.
He added that Survitec, which has six bases worldwide including one in London, will continue to pursue its global expansion strategy through acquisitions both within existing and new territories.
Survitech provides products and services to customers including the Ministry of Defence, the US Navy, the US Air Force, Shell, Lockheed Martin, BAE Systems, Carnival Cruises, Royal Caribbean Cruises and Princess Cruises.