Medserv has concluded its $45 milllion acquisition of a Middle Eastern company that offers pipe-related services to the oil and gas sector, an investment that chairman Anthony Diacono sbelieves could be recouped in just 4.5 years.

The acquisition was first announced last October and Medserv raised the money for the investment through a dual bond issue which closed successfully a few weeks ago.

Medserv, whose roots go back to the 1970s, has doubled in size through the acquisition of METS, which employs 160 people.

Over the past few years, Medserv has embarked on an ambitious expansion across different territories, suspending its operations in Misurata in Libya, but getting lucrative contracts in Cyprus, with numerous others in the pipeline, including Egypt, the Caribbean and East Africa.

Medserv made a gross profit of €7.5 million in 2014 from a revenue of €32 million (up more than threefold from 2013), and of €7.8 million for the first half of 2015 while METS reported a profit of $3 million in 2015 from its three bases in Sharjah, Oman and Iraq.

METS offers a unique service to the oil and gas sector as it offers not only storage of pipes but also maintenance, inspection and repair. It also holds two prestigious licences for re-threading pipes, out of only 180 worldwide, and is also interested in working towards another licence for the Medserv site in Malta.