EnerMech Completes Sale to The Carlyle Group and Announces Senior Board Appointments
Oil and Gas Veteran John Kennedy Appointed Chairman
The appointments signal EnerMech’s strong intent to substantially expand the business across global energy, engineering and infrastructure markets.
Spanning a 40-year career in oilfield services, John Kennedy has held senior executive positions with Brown & Root, Halliburton and rig manufacturer Lamprell. In 2006 he led the buy-out of Vetco International from ABB and he was chairman of Wellstream Holdings when it successfully completed an IPO in 2007 and three years later when the business was acquired by GE in a £800 million deal.
Doug Duguid, chief executive officer of the Aberdeenheadquartered mechanical and electrical services specialist, said: “I am delighted we are able to mark the official completion of The Carlyle Group’s acquisition of EnerMech with important non executive appointments of the highest calibre.”
John Kennedy’s experience in the upstream sector and successful corporate track record will add a breadth of expertise and knowledge which will shape the next chapter of EnerMech’s growth strategy.
“With the operating experience, financial resources and international support network of The Carlyle Group and CIEP, EnerMech is in an excellent position to consolidate our presence in our existing markets whilst pushing forward in exploiting new geographic and sector opportunities.
“There is a renewed confidence in our core energy sector client base and we are committed to working collaboratively with clients to identify and provide the best solutions possible. In tandem, our success in establishing a footprint and strong reputation in allied or new international markets, has given us a solid foundation for significant growth over the next decade.”
EnerMech announced in October that it had signed definitive agreements to be acquired by NASDAQ listed alternative asset manager The Carlyle Group for an undisclosed sum. Customary anti-trust and regulatory approvals have now been received and the transaction formally concluded.
Equity for this investment will come from CIEP, a $2.5 billion 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 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.
Tel: 01224 723 300
Published in Valve User Magazine Issue 48
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