UK-based Pipeline Technique (PTL) has agreed to acquire the oil and gas division of Stanley Black & Decker, a US-based pipeline services and equipment company.
PTL is supported by private equity firm Bluewater and will purchase the three groups of companies that form the oil and gas division of Stanley Black & Decker.
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These include CRC-Evans, Pipeline Induction Heat (PIH), and Stanley Inspection (including MicroAlloying, part of Stanley Inspection).
The deal is expected to create a venture with revenues of more than $200m. The financial terms of the deal were not disclosed.
In 2021, Stanley Black & Decker’s oil and gas division reported revenues of approximately $140m.
With the acquisition, PTL intends to become a cross-market specialist to service customers across the energy spectrum, including oil and gas, renewables, and carbon capture, as well as the wider infrastructure sector.
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By GlobalDataPTL CEO Frederic Castrec said: “This transformational deal opens many doors for PTL. With a strengthened welding, coating, and inspection service offering, we are now a company that can service every area in the energy value chain, from oil and gas to renewables and carbon capture, in any location in the world.”
The acquisition is a part of the Pipeline Technique’s efforts to drive global expansion and market diversification.
Bluewater said the acquisition would transform PTL into a powerhouse in the welding, coating, and fabrication services sector.
Castrec 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.”
Upon the completion of the deal, PTL’s headcount will increase from approximately 300 people to more than 1,000.
