SCOTTISH energy infrastructure company Pipeline Technique (PTL) is to acquire the oil and gas division of Stanley Black & Decker, the US-listed international services, tool and equipment company.
In a “transformational acquisition” the move will see the Aberdeenshire-based firm’s employee numbers swell from 350 to more than 1,000.
PTL, which is backed by specialist energy private equity firm Bluewater, will take over the three groups of companies that make up the oil and gas division, which are CRC-Evans, Pipeline Induction Heat (PIH), and Stanley Inspection, the latter including the MicroAlloying business.
PTL said the division delivered revenues of $140 million in 2021. On completion of the acquisition, it is claimed the Pipeline Technique Group of businesses will become a “global leader with revenues in excess of $200m”.
The firm said the acquisition “immediately transforms PTL into a powerhouse in the welding, coating, and fabrication services sector".
READ MORE: Aberdeenshire pipeline specialist buys Invergordon firm
The acquisition also means that PTL can now service “every part of the energy mix”, including oil and gas, renewables such as wind and hydrogen, and carbon capture, as well as the wider infrastructure sector.
Frederic Castrec, chief executive of PTL, said the deal is a major step forward on the firm’s "journey of diversification and global growth" and “the timing of this acquisition could not be better as the sector undergoes significant change”.
Martin Somerville, managing director of Bluewater, which owns PTL, said: "This represents another substantial corporate carve-out deal for Bluewater, and we are extremely excited by the growth potential for the combined group.”
The contract, for an undisclosed sum, increases PTL’s revenues threefold and is the second recent acquisition for PTL, after an April Global Project Services deal.
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