Hudson Avenue Partners announced that Pipeline Technique Ltd., a portfolio investment of Bluewater Private Equity, has completed a transformational acquisition of three leading energy infrastructure units, CRC-Evans, Pipeline Induction Heat and Stanley Inspection, from Stanley Black & Decker, Inc. (“SBK”). Hudson Avenue served as exclusive financial advisor to Bluewater and PTL and arranged financing to support the acquisition along with future growth capital needs of the Company.
With a 24-year history of global operations, PTL is a market leading provider of onshore and offshore infrastructure welding, field joint coating, and technical engineering services for the energy and renewables sector. PTL’s acquisition of the Houston-based energy infrastructure business units from SBK creates a worldwide leader in welding, coating and inspection offerings serving the entire energy spectrum, from traditional hydrocarbon to renewables and carbon capture. The combined platform possesses a deeply talented workforce operating in more than 100 countries and cutting-edge technologies capable of addressing energy infrastructure needs of any scale and around the world.
“The acquisition transaction represents a major step in PTL’s global growth and diversification strategy allowing us the ability to work in every corner of the world and across all energy sub-sectors,” stated Frederic Castrec, CEO of PTL. “The Hudson Avenue team did a remarkable job of driving certainty and optionality throughout the financing process, allowing our team to remain focused on the complexities of a carve-out of this magnitude.”
Martin Somerville, Managing Director of Bluewater, commented “Hudson Avenue’s tailored approach provided us with the ability to efficiently reach a globally diverse set of financing sources with intimate knowledge of the energy infrastructure sector, driving an exceptional outcome and a compelling partnership with our debt provider. Given the level of complexity inherent within cross-border carve-out transactions, the Hudson Avenue team proved to be an invaluable resource for us while successfully navigating challenging structural nuances in real-time.”
“We are honored to have partnered with Bluewater and PTL to deliver an optimal financing solution vital to the completion of the company’s transformative acquisition. This transaction highlights Hudson Avenue’s depth of expertise in both domestic and international capital markets along with its innate ability to customize its approach to address highly unique transaction dynamics, while delivering boutique-level attention to detail at every stage of the process.” added Ryan Deegan, Managing Partner at Hudson Avenue Partners.
www.pipeline-technique.com