Suretank Group, a global supplier of tanks and containers to the offshore oil industry, has returned to Irish ownership and to its founder Patrick Joy.
Suretank, which was established in Ireland in 1995 to supply offshore chemical tanks to the North Sea, was bought by Norwegian investment fund Hitecvision in 2013, with the conglomerate taking 67% ownership.
But the Irish management team, led by Patrick, has now negotiated the buy-back of the business and returned it to its roots.
The company employs 135 people in Ireland and a further 93 in its overseas operations in the UK, Poland and the US.
Its group revenue last year exceeded €36m and is budgeted to hit €45m by the end of 2023.
After a downturn in its core oil and bas business, Suretank management identified new areas of diversification in off-site manufacturing, which now represents over 50% of the company's revenue.
Suretank said it plans to continue its diversification away from oil and gas with a target of it being less than 25% of revenue by 2025.
The company said it plans to invest significantly in new technologies, manufacturing facilities, plant, and equipment with a view to doubling its revenue and current workforce of 228 people within the next four years.
Patrick Joy said the company has always been a global player with a strong presence in Europe, the Americas, and Asia, adding that it is confident its return to Irish ownership will not affect the company's international operations.
"The management team is committed to continuing to provide the same high-quality products and services to its customers around the world. We look forward to continuing to work with our customers and partners and we are confident that Suretank's return to Irish ownership will only strengthen our position in the market," he added.
