Pipeline Technique (PTL) has completed the acquisition of a trio of industry-leading energy infrastructure businesses from Stanley Black & Decker. First announced in June, the transaction includes CRC-Evans, Pipeline Induction Heat (PIH) and Stanley Inspection (including MicroAlloying, part of Stanley Inspection) and is expected to provide revenues of more than $200 million for PTL.
Backed by specialist energy private equity firm Bluewater, PTL is a market leader in the onshore and offshore infrastructure welding, coating and technological engineering sector. This marks the second acquisition of 2022 for the company, which acquired Global Project Services in April.
Founded in 1998, PTL provides welding, field joint coating and double/quad jointing, and spoolbase technical engineering services to the international energy and low-carbon industries. Bluewater acquired the company in May 2019 and has since been supporting the company’s growth plan. PTL is headquartered in Kintore, Scotland (Aberdeenshire), and has a strong presence in Houston.
In addition to delivering a threefold increase in revenue for PTL, the acquisition of CRC-Evans, PIH and Stanley Inspection also results in more than doubling of personnel, rising from around 350 people to more than 1,000.
PTL will now use the increased headcount to its advantage and take on more essential welding, coating related projects and contracts across the world. Every aspect of the energy mix — including traditional gases, hydrogen, ammonia and carbon capture — requires welding and coating to deliver safe, reliable, secure energy to meet the world’s growing energy demands.
“PTL delivers the essential building blocks of the energy supply chain. However, low-carbon energy like wind, hydrogen and ammonia, while at the forefront of new energy investment, still needs the essential welding and technical engineering services we have provided for over 20 years,” said CEO Frederic Castrec. “As investment in gas and renewables continues to swell to drive the energy transition, this acquisition places us at the forefront of a welding industry that is integral to meeting our growing energy demands. As a result, PTL will now be looking to take on essential work in more regions than ever before.”
PTL will deploy the industry-leading, cutting-edge technology it now has at its disposal following the acquisitions. This includes:
- CRC Evans technology includes its world-renowned series of automatic and automated welding machines, like the M-500 and the P-625.
- PIH technology includes injection-molded polypropylene (IMPP) for the application of thermal insultation to the welded joint area. IMPP combines a low overall heat transfer coefficient with the ability to perform at high operating temperatures.
- Stanley Inspection uses the latest technology to deliver complete non-destructive testing (NDT) solutions.
“This acquisition will help PTL continue its exceptional growth record. Frederic and his leadership team are better placed than ever to take on this critical work across the globe,” said Martin Somerville, managing director of Bluewater, which owns PTL. “In the last two months alone since the announcement of the acquisition, the company has already signed significant new contracts to deliver services in new geographies. We strongly believe that these acquisitions have played a big part in winning these new projects.”Tags: CRC-Evans, mergers and acquisitions, PIH, Pipeline Technique (PTL), Stanley Inspection, Stanley Oil and Gas