Each acquired business brings new cutting-edge welding, coating, and inspection technology to pipeline technique’s worldwide offering.
- The acquisition of CRC-Evans, Pipeline Induction Heat (PIH), and Stanley Inspection (including MicroAlloying, part of Stanley Inspection) creates a global leader in PTL, with expected revenues in excess of $200 million.
- PTL has signed a series of new contracts for work in new international geographies, proving the transformational impact of this acquisition.
- Frederic Castrec, CEO of PTL, says: “We are delighted to have completed the acquisition of three globally renowned energy infrastructure businesses. We are now looking forward to working in every corner of the world, where our experts will use the latest technology to drive efficiency and reliability in every energy sub-sector.”
Pipeline Technique (PTL), a market leader in the onshore and offshore infrastructure welding, coating, and technological engineering sector, has today completed its transformational acquisition of a trio of industry-leading energy infrastructure businesses from Stanley Black & Decker. This marks the second acquisition of 2022 for PTL – in April, the company acquired Global Project Services.
PTL, which is backed by specialist energy private equity firm Bluewater, has acquired a group of three companies from Stanley Black & Decker: CRC-Evans, Pipeline Induction Heat (PIH), and Stanley Inspection (including MicroAlloying, part of Stanley Inspection).
The acquisition creates a global leader in welding, coating, and technical engineering. It immediately delivers a threefold increase in revenue for PTL, which is now expected to exceed $200 million. The deal also results in more than doubling of headcount, rising from around 350 people to over 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 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 IMPP (Injection Moulded Polypropylene) 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, which uses the latest technology to deliver complete Non-Destructive Testing (NDT) solutions.
Frederic Castrec, CEO of PTL, adds: “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.”
Martin Somerville, Managing Director of Bluewater, which owns PTL, comments: “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.”