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Armstrong Watson LLP’s Restructuring Recovery and Insolvency team acting as Joint Administrators of Penman Engineering Holdings Limited - in Administration (the “Company”) have completed the sale of the Company’s 100% equity holding of Aardvark Holdings Limited incorporating Aardvark Clear Mine Ltd (“Aardvark”), the leading global humanitarian mine clearing machine manufacturer to Menasat Gulf Group PLC (“Menasat”).
Aardvark currently manages its global operations from bases in Dumfries and Aberdeen and is widely regarded as the most effective landmine clearance system in the world. Menasat provides advanced systems for the protection and management of territories, borders, assets and people.
Commenting on the sale, Mark N Ranson, Joint Administrator of Penman Engineering Holdings Limited said,
“It has been a complex and protracted sale given the specialist nature of the operations of Aardvark. We are delighted on completing the sale, and wish Aardvark and Menasat the best for the future. We look forward to seeing the business thrive in its successful new home.”
Commenting on the acquisition, Russell Dolman, COO of Menasat said,
“Aardvark is a very strong brand with a noble 35 year history, which has seen their mine clearing operations neutralise hundreds of thousands of landmines and unexploded ordinance devices, saving innumerable lives around the globe. Furthermore the acquisition will compeiment Menasat’s existing customers in the critical defence, security and commercial sectors across The Middle East, Africa and Asia and introduce new customers in Europe and the Americas.”
David St John-Claire, the incoming CEO of Aardvark added,
“Aardvark’s expertise is in the creation and implementation of safe systems for the investigation, decontamination and handover of land impacted by the remnants of war. Aardvark’s offering will be enhanced exponentially by Menasat’s advanced satellite and drone imaging and surveying technologies providing market leading situational awareness for mine clearing operations and future investment in the next generation of Aardvark mine clearing vehicles and systems.”
The acquisition was effected during July 2017, and was completed for an undisclosed sum.
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