US private equity Carlyle Group has acquired Aberdeen-based EnerMech from fellow private equity player Lime Rock Partners for an undisclosed sum.
The deal 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).
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 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.
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. 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."
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."
“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," Duguid added.