Calash advises PTL on Stanley Oil & Gas acquisition

Calash is pleased to announce that it has provided commercial due diligence services to Pipeline Technique (PTL), an onshore and offshore infrastructure welding, coating, and fabrication services provider owned by Bluewater, on its acquisition of the oil and gas division of Stanley Black & Decker, the major international pipeline services and equipment company.

Aberdeenshire-based PTL will acquire the three groups of companies that make up the oil and gas division: CRC-Evans, Pipeline Induction Heat (PIH), and Stanley Inspection (including MicroAlloying, part of Stanley Inspection). The transaction will create a combined entity with revenues of over USD 200m. and increase its headcount from around 350 people to more than 1,000.

Calash provided commercial due diligence on the deal on behalf of PTL and Bluewater, including a detailed review of the target’s business activities, service demand from existing and adjacent markets and a full competitive benchmarking exercise.

The Calash team included Iain Gallow, Callum Evett, and James Kirby.

Frederic Castrec, CEO of PTL, commented: “This transformational deal opens many doors for PTL. With a strengthened welding, coating, and inspection service offering, we are now a company that can service every area in the energy value chain – from oil and gas to renewables and carbon capture – in any location in the world.”

Read the full press release Here

Stanley Oil & Gas provides world-class pipeline services and equipment in more than 100 countries, offshore and onshore, working under the most extreme conditions and over the most difficult terrains. The company delivers the infrastructure and resources needed to serve pipeline contractors anywhere on earth—ensuring higher quality welds and lower downtime from start to finish.

Pipeline Technique (PTL) is a leading provider of specialist products and services that support the delivery of fabrication and construction projects worldwide. The company’s capabilities span welding, non-destructive examination and field joint coating. The company works onshore and offshore, for a portfolio of customers from across the energy industry.

Bluewater is a leading European middle-market energy private equity firm based in London with a global reach.