The Carlyle Group has agreed to acquire EnerMech, a provider of critical asset support to energy, infrastructure and industrials sectors, from Lime Rock Partners.
The transaction is expected to close in the last quarter of this year, subject to customary anti-trust and regulatory approvals.
Equity for this investment will come from Carlyle International Energy Partners (CIEP), a $2.5bn fund that invests in the global oil and gas sector outside North America. The Fund’s mandate includes exploration & production, mid-stream, downstream and oil field services. Credit Suisse, Lloyds and DNB have underwritten the all-senior rated loan financing the acquisition.
EnerMech provides a range of mechanical, electrical and instrumentation services to the global energy and infrastructure industries. With operations in Australia, the Americas, Europe, Middle East, Caspian, Africa and Asia, the business provides innovative integrated solutions that maximise efficiencies across multiple phases of the asset lifecycle from pre-commissioning, commissioning, maintenance and operations support, through to late life support.
EnerMech CEO Doug 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.”
Carlyle International Energy Partners head Marcel van Poecke 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.”
Lime Rock Partners co-founder and managing director John Reynolds 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.”
Source: Company Press Release