Ratos-GS-Hydro acquires First Hose in UK
Ratos subsidiary GS-Hydro, a global non-welded piping solution provider, is to acquire First Hose, a hose and related component provider located in Aberdeen, UK.
The purchase price for First Hose, who services the oil and gas industry in the UK North Sea, consists of an initial payment of approximately £4.5 million (€6.3 million) enterprise value plus a maximum additional purchase price of approximately £1.5 million.
The initial purchase price is financed through equity from the owners, which entails that Ratos will initially contribute approximately £4.5 million.
The transaction was completed on 30 October.
First Hose was established in 1989 and it distributes offshore rig supply hoses, hydraulic hoses, industrial hoses, instrumentation, and fittings for the oil and gas after market in the UK North Sea.
In 2014, First Hose's revenue amounted to £8.4 million and EBITDA to £0.9 million.