Aberdeenshire-based Pipeline Technique (PTL) has today completed its acquisition of three energy infrastructure businesses from Stanley Black & Decker.
The Bluewater-backed PTL has acquired a trio of firms from Stanley Black & Decker: CRC-Evans, Pipeline Induction Heat (PIH), and Stanley Inspection (including MicroAlloying, part of Stanley Inspection).
The company claim that the completion of this deal, first reported in June, creates “a global leader in welding, coating, and technical engineering.”
The acquisitions have immediately increased the Aberdeenshire firm’s revenue threefold, binding the company’s figures beyond $200 million.
After taking over the three companies, PTL has more than doubled its headcount, before the acquisitions the firm had 350 employees on the payroll and now has over 1000.
The firm has said it will use the increased headcount to its advantage by taking on more essential welding, coating-related projects and contracts across the world.
This marks PTL’s second acquisition of the year with the company acquiring Global Project Services in April.
Chief executive of PTL Frederic Castrec said: “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.
“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.
“We look forward to welcoming and integrating the three brilliant teams into PTL and cannot wait to seize the opportunities this next chapter brings.”
Managing director of Bluewater Martin Somerville added: “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.
“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.
“At Bluewater, we back our outstanding management teams and PTL is no different. This deal is yet another in a long line of successful significant corporate carve-outs executed by Bluewater.”