Simmons' ICG bolts on Step Change Engineering

The bolt-on was conducted on an all-equity basis, a source with knowledge of the situation told Unquote, with Simmons providing follow-on funding to support the transaction.

Step Change's existing management team will remain in place following the deal.

The deal comes 16 months after Simmons funded the launch of London- and Aberdeen-based ICG (then known as Global Upstream Consultancy Group), via the acquisition of Malaysia-based Leap Energy.

ICG will continue to pursue further bolt-on opportunities, as it aims to build a portfolio of niche consultancy providers covering the entire lifecycle of oil and gas investments. In particular, the group is seeking potential targets in the areas of drilling and well management, production optimisation, concept development, project development, operations support, and geophysics.

Company
Founded in 2014 and headquartered in Aberdeen, Step Change provides design, engineering and project management services related to brownfield projects in the oil and gas industry. It also provides maintenance and modification services related to topsoil oil and gas facilities in the UK continental shelf.

People
Integrated Consulting Group – Gerwyn Williams (CEO).
Step Change Engineering – John Wilson (managing director); Satnam Shoker (director); Colin Bruce (technical director).

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