Transformation US deal takes Aberdeenshire-based Pipeline Technique's revenues above $200m

Aberdeenshire outfit Pipeline Technique is to acquire the oil and gas division of Stanley Black & Decker, which is listed in the US.

Pipeline, which is backed by specialist energy private equity firm Bluewater, will acquire the three groups of companies that make up the division: CRC-Evans, Pipeline Induction Heat (PIH), and Stanley Inspection (including MicroAlloying, part of Stanley Inspection).

The oil and gas operation delivered revenues of about $140 million (£114m) in 2021. Upon completion of the acquisition, the Pipeline Technique group of businesses will have revenues in excess of $200m.

Bosses said the deal immediately transforms Pipeline Technique (PTL) into a “powerhouse” in the welding, coating and fabrication services sector.

It is the second acquisition in three months for PTL. In April, the company acquired Global Project Services.

Frederic Castrec, chief executive of PTL, 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.”

Martin Somerville, managing director of Bluewater, which owns PTL, 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.”

The latest deal grows PTL’s headcount from around 350 people to more than 1,000.