Veritas Petroleum Services (VPS), a global fuel testing advisory company owned by IK Investment Partners (IK VII Fund), has acquired Transoil Laboratory Limited, a transformer and insulating oil testing company based in Manchester, UK. Financial terms of the transaction were not disclosed.
VPS is a market-leading fuel testing, inspection and advisory company in shipping, with laboratories located in Rotterdam, Singapore, Houston and Fujairah. VPS tests fuels and lubricating oils, producing high quality, reliable analytical data with further expert interpretation and advice on engine condition monitoring and cost optimization. The acquisition of Transoil enables VPS to expand its testing and advisory service offering into power industries.
“In Transoil, we have acquired a company with a strong technical capability and excellent reputation, which is a great fit with our existing business. The addition of transformer and insulating oils to our existing portfolio of fuels and lubricating oils enables us to service a wider range of markets, and represents a platform for further growth and diversification of our testing and advisory business,” said Malcolm Cooper, VPS group managing director.
“Joining forces with VPS allows us to expand our transfomer and insulating oil testing and advisory services globally. With our combined service offering in fuel, lubricating and transformer oil testing and advice, we become an even stronger partner to our customers. We are very excited about this opportunity,” said Peter Broadbent, founder and managing director of Transoil Laboratory.