Aberdeenshire-based Pipeline Technique (PTL) has created a “global powerhouse” by acquiring the oil and gas business of Stanley Black and Decker.
The deal for US-listed Stanley Oil and Gas creates a company with revenues of more than $200m (£163m), specialising in welding, coating and fabrication.
PTL will see its headcount leap from 350 to over 1,000 as a result of the deal and the company has confirmed that 100 of the jobs created will be based in Aberdeenshire.
The deal increases the Inverurie-based firm’s revenues threefold and marks its second acquisition in the past three months after taking on the Norwegian Global Project Services (GPS) business from Global Energy Group.
PTL has not disclosed the value of the acquisition, though Stanley Oil and Gas generated revenues of around $140 million (£114m) in 2021.
Chief executive of PTL Frederic Castrec said: “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.
“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, backed by 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).
Through this acquisition, PTL will be deploying the newly acquired industry-leading technologies to a much wider range of sectors and applications than ever before.
Managing director of Bluewater, Martin Somerville, added: “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.” Pipeline Technique was founded in 1998 by welder Duncan McGregor and subsea engineer Ian Stuart.
Heerema Marine Contractors made an initial investment in the firm 10 years later, before taking sole ownership in 2015.
The business was later acquired by private equity firm Bluewater for an undisclosed fee.