Future Industrial Services (FIS) has acquired the business and assets of Colt Industrial Services from Augean.
FIS, which specialises in industrial recycling at energy-from-waste facilities and water businesses among others, said the transaction involved a “significant number of fixed and mobile assets” as well as the transfer of more than 40 employees.
The company has also entered into a long-term lease for premises in Hull to ensure continuity of service.
Colt, which operates in a range of sectors including offshore gas and oil, employs more than 120 people in premises in Hull, Aberdeen, Singapore and the Middle East.
On 16 May, Augean announced its intention to consult with staff over the closure of Colt, which it acquired in 2016.
Chief executive David Lusher said: ‘’We are delighted to conclude this transaction, which represents another major milestone in the growth of the business following the acquisition of the Bale Group assets in 2016, and the successful MBO from previous parent One51, completed in 2017 with the support of NorthEdge LLP.
“More than 350 colleagues now work within FIS and the Colt business increases the range of services we can offer to our customers. This major centre in Hull will provide real operational synergies and efficiencies to the wider business’’.
FIS’s current clients include British Steel, Viridor, Serco and Mitie.