Energy infrastructure welding specialist completes “transformational” triple acquisition

Pipeline Technique, a specialist in onshore and offshore infrastructure welding, coating, and technological engineering, has today completed its “transformational” acquisition of a trio of energy infrastructure businesses from Stanley Black & Decker.

This marks the second acquisition of 2022 for Kintore based PTL as, 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 $200m (approx. £170m). 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 welding, coating related projects and contracts internationally. 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.

Frederic Castrec, CEO of PTL, commented: “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.”

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

By Matthew Neville – Correspondent, Bdaily

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