Press

The Carlyle Group Acquires EnerMech From Lime Rock Partners

Posted by OilVoice Press - OilVoice

15-Oct-2018


Acquisition will support continued global growth of energy and infrastructure services company

EnerMech Group Ltd has been acquired from Lime Rock Partners by global alternative asset manager and NASDAQ listed The Carlyle Group for an undisclosed sum.

The transaction is expected to close in Q4 2018, subject to customary anti-trust and regulatory approvals. Capital for the investment will come from Carlyle International Energy Partners (CIEP), a $2.5 billion fund that invests in the global oil and gas sector outside North America. The Fund's mandate includes exploration and production, mid- and downstream and oilfield services.

EnerMech, the Aberdeen-headquartered mechanical and electrical services specialist, employs 3,500 staff across 40 locations in the UK, Norway, the Middle East, Caspian, Asia, Africa, Australia and Americas. The company works on large scale projects across the oil and gas, LNG, renewables, defence, power, infrastructure and petrochemicals sectors. 

Last month (September) EnerMech revealed annual accounts [for the full year] to December 2017 with revenues of £361 million and profits (EBITDA) of £43.6 million, and forecast that 2018 revenues are expected to reach £430 million with profits in the region of £59 million.

The company was formed 10 years ago by Chief Executive Officer Doug Duguid and Chief Financial Officer Michael Buchan, both of whom will remain with the company in their current positions.

Doug Duguid said the deal was positive news for staff and clients and said newly available capital would lead to further acquisitions which will strengthen EnerMech's services portfolio and geographic presence.

He 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. We are excited to be partnering with CIEP, whose expertise and track record in the energy space will provide valuable support for our strategy and next phase of growth.

“We are very pleased with the strong support we have enjoyed from Lime Rock over the last decade in building a thriving and sustainable business. 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 focussed on doubling the size of the business in the next five years.

“Our strategic diversification in to large scale infrastructure projects and new geographic markets, allied to our lengthy track record in energy and the renewed confidence in that sector, were significant drivers in attracting a heavyweight investor such as Carlyle Group.

“For our staff and clients, it is very much business as usual, with the caveat that we will be identifying target businesses which will strengthen our integrated offering and introduce increased efficiencies for our end-users.”

This acquisition is CIEP's first investment in an energy services business, complementing its current portfolio of investments in exploration, midstream and downstream and storage sector companies.

Marcel van Poecke, Head of Carlyle International Energy Partners, 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. We look forward to working with the team and supporting EnerMech's continued growth.”

John Reynolds, Co-Founder and Managing Director of Lime Rock Partners, said: “We have greatly valued our partnership with Doug Duguid, Michael Buchan, and the entire EnerMech team as we supported the business's growth and transformation since inception. We are confident that the company will continue to thrive under Carlyle's ownership.”



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Carlyle GroupAcquisitionEnerMechLime Rock PartnersNasdaqEnergyInfrastructure

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 2 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 6 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 10 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 10 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 10 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice