Posted August 17, 2017

Actuant to divest Viking SeaTech and acquire Mirage Machines

Actuant Corporation signed a definitive agreement to sell its Viking SeaTech business to Acteon Group Limited, and to acquire Acteon's Mirage, a provider of industrial and energy maintenance tools.

Acteon paid approximately $12 million for Viking SeaTech, a global subsea services business, and will receive approximately $16 million from Actuant, plus potential future performance based consideration. The two transactions will close simultaneously, and are subject to customary regulatory approvals and closing conditions.

“The decision to divest Viking was not taken lightly, but it is consistent with our strategy to concentrate our energy offerings where we can provide the most value over the long term. It also helps to simplify and stabilize our portfolio by significantly limiting exposure to upstream, offshore oil & gas,” said Randy Baker, Actuant president and chief executive officer.

The Viking business generated approximately $20 million in revenue during the past 12 months. 

“The Mirage business, headquartered in the UK, is a strong complement to Hydratight. It broadens its product line offerings, most notably in the flange facing and hot tapping categories, while providing additional rental and service opportunities,” Baker continued.

Hydratight provides bolted joint solutions and machining services, plus mechanical weldless connectors, to power generation, oil and gas, nuclear, wind and aerospace industries