Energy services firm Stork has spread its wings with the acquisition of a mechanical services firm in Australia for an undisclosed sum.
Stork, which is owned by energy investor Arle Capital Partners, snapped up Sydney-based Giovenco Industries, including its £39million joint venture contract with Bechtel for work on Chevron’s Wheatstone project in Western Australia.
At the same time, Netherlands-based Stork sold part of its operations, based in Doetinchem to Vinci Energies, also for an undisclosed sum.
The deals come as Arle is rumoured to be lining up a sale of Stork for around £370million, although it is thought that market conditions are making a sale challenging.
The Giovenco business had a turnover of around £68million, while Stork’s Doetinchem business it sold had a turnover around £11million.
Stork said it would fund the Australian deal with two new credit facilities.
Arnold Steenbakker, chief executive of Stork, said: “Giovenco has a good track record both in providing value to their customers and in safety, a core value in both companies.
“We welcome Paul Giovenco and the entire management team at Giovenco into Stork.
“We are both confident and excited that the current presence of Giovenco on various client sites, many of which where we are co-located, will provide a great platform to support operators as they transition from the construction phase into full scale operations during the life cycle of their facilities.‘’
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