The Carlyle Group has agreed to buy British mechanical and electrical services provider EnerMech Group from Lime Rock Partners in a £450m ($591.2m) deal.
EnerMech provides services to clients in the oil and gas, LNG, renewables, defence, power, infrastructure and petrochemicals sectors.
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Established ten years ago, the company employs 3,500 people across 40 locations in the UK, Norway, Middle East, Caspian Sea, Asia, Africa, Australia, and Americas.
The Carlyle Group will make the investment through its Carlyle International Energy Partners (CIEP), a $2.5bn fund focused on the global oil and gas sector outside North America. The fund invests in exploration and production, midstream, downstream and oilfield services.
EnerMech CEO Doug Duguid said: “This transaction marks the beginning of a new chapter for EnerMech as we continue to develop our business, grow our global footprint and enter new markets.
“This transaction is a natural progression in the life of any ambitious company and with the backing of Carlyle Group, which enjoys extensive relationships in the upstream and downstream sectors, we will be focused on doubling the size of the business in the next five years.”
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By GlobalDataThe company offers services to large-scale projects to optimise efficiencies across various stages, including pre-commissioning, commissioning, maintenance and operations support, as well as late-life support.
CIEP head Marcel van Poecke said: “EnerMech is an attractive, well-positioned international integrated energy, infrastructure and industrial services company, led by a strong team.
“The company has multiple avenues for growth. We believe potential synergies across CIEP’s portfolio companies, as well as the broader Carlyle family are attractive.”
For the year ending 31 December 2017, EnerMech reported revenues of £361m and profits of £43.6m.
Subject to customary anti-trust and regulatory approvals, completion of the deal is expected in the fourth quarter of this year.
