Pipeline ‘transforms’ after Stanley acquisition
Scottish energy infrastructure company Pipeline Technique is acquiring the oil and gas division of Stanley Black & Decker, the US-listed international services, tool and equipment company.
The deal will see the Aberdeenshire-based firm’s payroll swell from 350 to more than 1,000. Terms of the transaction were not disclosed.
Pipeline will take over the oil and gas division which comprises CRC-Evans, Pipeline Induction Heat and Stanley Inspection. The division delivered revenues of $140 million in 2021. Stanley operates in more than 100 countries.
On completion of the acquisition, Pipeline said it will become a “global leader with revenues in excess of $200m”.
The firm, which is backed by private equity firm Bluewater, 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, 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, said: “This represents another substantial corporate carve-out deal for Bluewater, and we are extremely excited by the growth potential for the combined group.”
This is the second acquisition in three months for Pipeline. In April, it acquired Global Project Services.