Safety and survival equipment business Survitec Group has agreed to acquire the marine business of Lincolnshire-based Cosalt for £31 million.

Safety and survival equipment business Survitec Group has agreed to acquire the marine business of Lincolnshire-based Cosalt in a deal worth £31 million.

The Cosalt Marine business supplies marine safety equipment such as life rafts, lifejackets and immersion suits to customers serving the marine industry.

Doug Baxter, CEO of London-based Survitec, comments: ‘This acquisition forms a significant step in our strategy to enhance our core commercial marine business by expanding our service and distribution footprint worldwide.

In a statement released by Cosalt, the business says that the deal was triggered by Cosalt Group’s indebtedness increasing over recent months due to the significant level of funding acquired for a new contract, challenging trading conditions in offshore and the discovery of a shortfall in stock.

Announcing its results alongside the sale, Cosalt said that it made £112 million of sales in the 14 months to 31 December.

Private equity firm Warburg Pincus acquired Survitec in 2010. Since the deal with Warburg Pincus last year, Survitec has purchased two other marine businesses, Seaweather Marine in the UK and the commercial marine business of Revere in the US.

Baxter adds that the acquisition is complementary because of the natural fit of both company’s product ranges.