Rickitt Mitchell has advised Pipeline Technique on its acquisition of Stanley Oil & Gas
Rickitt Mitchell has advised PTL on its acquisition of Stanley Oil & Gas, a division of Stanley Black & Decker
Pipeline Technique Limited (PTL) were established in 1998 and are backed by specialist energy Private Equity firm Bluewater. PTL are a market leader in the onshore and offshore infrastructure welding, coating and fabrication services sector and enjoy a unique status in their specialist market; their combination of operational, engineering, project management and hands-on experience is unrivalled and they are proud of their reputation for excellence in fabrication and construction, regardless of the location or nature of the project.
PTL will acquire the oil and gas division of Stanley Black & Decker, (NYSE: SWK) which is comprised of: CRC-Evans, Pipeline Induction Heat (PIH), and Stanley Inspection (including MicroAlloying, part of Stanley Inspection).
Frederic Castrec, PTL CEO, stated “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 is PTL's second acquisition of the year and the deal 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. 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.
This acquisition increases PTL's revenues threefold and grows its headcount from around 350 people to more than 1,000.
Stanley Oil & Gas delivered revenues of approximately $140m in 2021. Upon completion, the Pipeline Technique Group should have revenues in excess of $200m.
The Rickitt Mitchell team included; Stuart Moss, Joe Powell, Charlotte Potts and James Kidner.
