Sinwa, the marine supply and logistics player, has agreed to acquire 70% of the issued and paid-up share capital of Rapid Offshore & Marine.

Rapid Offshore & Marine is a leading HVAC&R (Heating, Ventilation, Air-conditioning and Refrigeration) and Integrated M&E (Mechanical & Electrical) company in the global marine and offshore industry.

Rapid is also helmed by experienced, senior management team and backed up by a 250 strong team of dedicated staff, specialising in engineering, design, project management, field operations and administration.

To date, Rapid Offshore & Marine has successfully completed HVAC&R systems for more than 20% of the global FPSO fleet.

Sinwa will pay for the acquisition through two tranches at 3.5 times PE multiple capped at $12.25 million.