View non-flash version
In early February Perry Slingsby Systems (PSS) was acquired by Triton Group Holdings. MTR caught up with Martin Anderson, CEO of Triton Group Holdings, to gather insights to the transaction as well as the compa- ny's future. MTR Can you give MTR background and insights to the recent announcement that PSS was acquired by Triton Troup Holdings? Anderson PSS has grown considerably in the last three years and has a leading market position in underwa- ter robotics, especially vehicles. We are now at the stage where further investment is needed to take advantage of the opportunities available in the market and we felt that a corporate structure independent of Technip will best serve our objectives. Triton Group is an entity specifically established for this transaction and is backed by SCF and the management team of PSS. MTR With the demand for PSS products/services and prospects for a continued hot market, particularly in the offshore realm, why was Technip willing to sell? Anderson Technip understood and supported our growth plans, but have other priorities for their invest- ment capital. The market conditions were good for Technip to get fair value for the company while allowing us to find and investment partner whose objectives were aligned with our growth plans. MTR Why, at this time, was it deemed a wise buy? Anderson PSS has a leading share and reputation in a market with strong fundamentals. PSS has a strong backlog and order book position with a strategy in place that, we believe, will continue to return significant growth. MTR In your press release, it notes that "headquarter- ing the group in Aberdeen is an important part of our growth plans." Can you expand on that? Anderson While the North Sea is not a region with a high level of activity in remote intervention operations, Aberdeen is very much a global hub for subsea technolo- gy strategy and operations. A number of our customers center their purchase of strategic assets, such as ROVs, in Aberdeen and a number of major oil companies have established their subsea technology expertise in the city. In addition, we are a global business requiring daily commu- nications across Asia, Europe and the Americas and Aberdeen offers an ideal location from which to manage across multiple time zones. MTR What are the mid- and long-range plans for PSS? 34 MTR March 2007 Perry Slingsby Systems Positioned for Global Growth By Greg Trauthwein MTR#2 (33-48).qxd 3/1/2007 10:21 AM Page 34
