MR Group acquires ModuSpec from Inspirit Capital owned Vysus Group

MR Group acquires ModuSpec from Inspirit Capital owned Vysus Group

Specialist off-shore rig inspection company MR Group has completed the acquisition of ModuSpec from global engineering and technical consultancy Vysus Group for an undisclosed sum.

Vysus Group was acquired from Lloyds Register in 2020 by Inspirit Capital and this marks the 4th major divestment from the Group, allowing for a further distribution to Inspirit Fund I and leaving the core Vysus business with a very strong balance sheet as it continues its growth journey.

The transaction completes the restructure of the Vysus organisation, enabling the business to further develop and grow its global consulting and technical delivery capability across the traditional energy, renewable energy and complex industrial sectors.

Leo Nagtegaal, Chairman of the MR Group commented: “Having founded ModuSpec more than 38 years ago, I am extremely excited about bringing ModuSpec into the MR Group. ModuSpec and WEST Engineering merged in 2012. Today, they operate as one unit, offering the combined expertise of two leading organisations.

David Clark, CEO of Vysus Group, said: “The ModuSpec business has been extremely successful since first introducing the concept of rig inspection to the market in 1986 and is well-known and respected in the industry. Under Vysus ownership, the business has continued to grow and expand its offering and this transfer of ownership is a positive reflection of the reputation of the business has established and the high calibre of expertise within the team.”

Albert Farrant, Partner at Inspirit Capital commented that “It is pleasing to be able to find another great home for one of the Vysus businesses.  After a number of divestments, the divestment program is now complete and the remaining core business is well positioned to continue its growth and benefit from the energy transition as a standalone technical and engineering consultancy with a global footprint.”

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