PIPELINE Technique (PTL), a market leader in the onshore and offshore infrastructure welding, coating, and fabrication services sector, has agreed to acquire the Oil & Gas division from Stanley Black & Decker, the major international pipeline services and equipment company, which operates in more than 100 countries.
PTL, which is backed by specialist energy Private Equity firm Bluewater, will acquire the three groups of companies that make up the Oil & Gas division: CRC-Evans, Pipeline Induction Heat (PIH), and Stanley Inspection (including MicroAlloying, part of Stanley Inspection).
The Oil & Gas division delivered revenues of approximately $140 million in 2021. Upon completion of this acquisition, the Pipeline Technique Group of businesses will become a global leader with revenues in excess of $200 million.
The acquisition immediately transforms PTL into a powerhouse in the welding, coating, and fabrication services sector, which are required in every aspect of the energy value chain. The acquisition also means that PTL can now service every part of the energy mix, including oil and gas, renewables (including wind and hydrogen), and carbon capture, as well as the wider infrastructure sector.
Through the acquisition, PTL will begin deploying the newly acquired industry-leading technologies to a much wider range of sectors and applications than ever before.
Frederic Castrec, CEO of PTL, added: “This deal is a major step forward on our journey of diversification and global growth, and the timing of this acquisition could not be better as the sector undergoes significant change. We will invest in the businesses to deliver rapid growth and help realise our enormous potential.”
Martin Somerville, Managing Director of Bluewater, which owns PTL, commented: “Having delivered exceptional growth at PTL in the last couple of years, we are delighted to back Frederic and his team in this transformational acquisition of Stanley Oil & Gas. This represents another substantial corporate carve-out deal for Bluewater, and we are extremely excited by the growth potential for the combined group.”
This acquisition increases PTL’s revenues threefold and grows PTL’s headcount from around 350 people to more than 1,000.
This is the second acquisition in three months for PTL. In April, PTL acquired Global Project Services. PTL is headquartered in Kintore (Aberdeenshire) and has a strong presence in Houston.