Two specialist survival technology businesses are to come together, creating a new market giant with an addressable market valued at £1.5bn.
Private equity backed Survitec is to acquire the marine safety business of Wilhemsen Maritime Services.
The deal will see all Survitec pick up all related safety products and services, including Wilhelmsen Technical Solutions, WSS Technical Services and WSS Safety Products
On completion of the merger, WMS will hold 20 per cent of the combined group and have one representative on the board of directors.
Survitec chief executive Brian Stringer said: “Most importantly, the deal will create significant value for our customers and shareholders while providing a platform for the combined group to pursue the addressable global markets worth over £1.5 billion annually.”
Survitec has been backed by Canadian private equity house Onex since January 2015, when it was acquired from Warburg Pincus for £450m.