The Carlyle Group has completed the transaction pertaining to the acquisition of EnerMech, a UK-based provider of mechanical engineering services to the energy sector, from Lime Rock Partners.

The companies entered a definitive agreement in October for the transaction, which was valued at £450m ($591.2m).

Carlyle International Energy Partners (CIEP) will provide equity for the investment. CIEP is a $2.5bn overseas oil and gas investment fund founded by the Carlyle Group in 2013.

The fund invests in exploration and production, mid-stream, downstream and oil field services.

EnerMech CEO Doug Duguid said: “With the operating experience, financial resources and international support network of The Carlyle Group and CIEP, EnerMech is in an excellent position to consolidate our presence in our existing markets whilst pushing forward in exploiting new geographic and sector opportunities.

“Our success in establishing a footprint and strong reputation in allied or new international markets has given us a solid foundation for significant growth over the next decade.”

“There is a renewed confidence in our core energy sector client base and we are committed to working collaboratively with clients to identify and provide the best solutions possible.

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“In tandem, our success in establishing a footprint and strong reputation in allied or new international markets has given us a solid foundation for significant growth over the next decade.”

The completion of the transaction comes after the receipt of anti-trust and regulatory approvals.

The company has announced the appointment of John Kennedy as the group’s chairman. Kennedy has been working in oilfield services for 40 years and previously worked in senior executive roles with Brown & Root, Halliburton and rig manufacturer Lamprell.

Other key appointments to the board include Philippe Boisseau, as well as Joost Dröge and Bob Maguire, both managing directors and partners at CIEP.

In 2017, EnerMech reported revenue of £361m and profits of approximately £43.6m.

The company expects to achieve 2018 revenue of £430m and profits of £59m.