Kintore, Aberdeenshire-based Pipeline Technique (PTL) has agreed to acquire the oil and gas division of Stanley Black & Decker, the international pipeline services and equipment company which operates in more than 100 countries.
PTL, which is owned by London-based private equity firm Bluewater Energy, said the move is a “transformational acquisition to drive global expansion and market diversification.”
The acquisition increases PTL’s revenues threefold and grows PTL’s headcount from around 350 people to more than 1,000.
Upon completion, the Pipeline Technique Group of businesses will have revenues in excess of $200 million.
PTL operates in the onshore and offshore infrastructure welding, coating, and fabrication services sector.
The Kintore firm said: “PTL becomes a cross-market specialist servicing customers across the energy spectrum, including those in oil and gas, renewables and carbon capture …
“The acquisition from Stanley Black & Decker creates a global leader with revenues in excess of $200 million …”
PTL 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.”
PTL will acquire the three groups of companies that make up the Stanley Black & Decker oil and gas division: CRC-Evans, Pipeline Induction Heat (PIH), and Stanley Inspection (including MicroAlloying, part of Stanley Inspection).
The oil and gas division delivered revenues of approximately $140 million in 2021.
“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,” said PTL.
“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.”
PTL CEO Frederic 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.”
Bluewater MD Martin Somerville said: “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.”