The Carlyle Group acquires EnerMech from Lime Rock Partners
Acquisition will support continued global growth of energy services company
London, UK, 15 October 2018 – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announces that it has agreed to acquire EnerMech Group Ltd, an international services company providing critical asset support to the energy, infrastructure and industrials sectors, from Lime Rock Partners. The transaction is expected to close in Q4 2018, subject to customary anti-trust and regulatory approvals.
Equity for this investment will come from Carlyle International Energy Partners (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 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.
Doug Duguid, CEO of EnerMech, 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.”
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. 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.”
John Reynolds, Co-Founder and Managing Director of Lime Rock Partners, 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.”
For More Information
The Carlyle Group
Tel: +44 (0) 207 894 3554
Formed in April 2008, EnerMech provides a broad range of asset support services to the international energy and infrastructure sectors, from pre-commissioning through operations and maintenance and late-life support/decommissioning. The business is focused on offering a safer, more customer-focused, responsive service at lower cost, while delivering a much greater level of engineering and technical support than competitors can offer.
With a 3,500-strong workforce, EnerMech specialises in providing integrated supply, operations, maintenance and engineering solutions in its core services of Cranes and Lifting, Electrical and Instrumentation, Equipment Rental, Hydraulic products and services, Industrial Services, Process, Pipeline and Umbilicals (PPU), Maintenance and Integrity Services, Training and Valve supply and services.
The group is headquartered in Aberdeen with bases in Great Yarmouth, Bristol (UK); Stavanger, Bergen, (Norway); Houston, Broussard, Pasadena, Sulphur, Casper, Williston (USA), Trinidad, Mexico, Abu Dhabi, Iraq, Qatar, Saudi Arabia, Azerbaijan, Kazakhstan, Georgia, Singapore; Perth, Melbourne, Sydney, Brisbane, Darwin, Gladstone, Chinchilla (Australia); Malaysia, China, South Korea, India, Ghana, Nigeria, Angola and South Africa.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $210 billion of assets under management across 335 investment vehicles as of June 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents
About Carlyle’s Energy Platform
Carlyle has constructed a broad-based global energy, natural resources and infrastructure platform (currently with $25 billion in assets under management and 107 active portfolio companies), consisting of International Energy, North American Energy, North American Power and Global Infrastructure.
About Carlyle International Energy Partners (CIEP)
Established in May 2013, the Carlyle International Energy Partners team focuses on oil and gas exploration and production mid- & downstream, refining and marketing and oil field services in Europe, Africa, Latin America and Asia.
The team, based in London, consists of 13 investment professionals, all with extensive international oil and gas industry investment and operational expertise. In addition to Marcel van Poecke, it includes Managing Directors Bob Maguire and Joost Dröge, both industry veterans with 55 years’ combined successful energy investing experience, as well as Paddy Spink, Senior Advisor, with 35 years’ upstream experience in Africa, Latin America & Europe. Since its inception the fund has completed nine investments.
For more information: https://www.carlyle.com/our-business/real-assets/carlyle-international-energy-partners.
About Lime Rock Partners
Since its inception in 1998, Lime Rock Management has raised $8.6 billion in private equity funds and affiliated co-investment vehicles for investment in the energy industry through Lime Rock Partners, investors of growth capital in E&P and oilfield services companies in the U.S. shales and elsewhere, and Lime Rock Resources, acquirers and operators of oil and gas properties in the United States. For more information, please visit: www.lrpartners.com.