04.01.2007

$1.1 billion for scaffold company

North American scaffolding services provider Brand Energy & Infrastructure Services is to be bought for $1.1 billion (£580 million) by private equity firm First Reserve Corp.

The Kennesaw, Georgia-based scaffolding company claims it is the largest provider of scaffolding services in North America with a sales and rental division as well as a design and erection division. First Reserve will acquire a majority of Brand's common stock from current owner J.P. Morgan Partners LLC.

Paul Wood will remain president and chief executive officer and the existing senior management team will also continue.

Brand's scaffolding services are primarily in maintenance and new construction, principally in the refining, petrochemical, chemical and energy industries. Commercial market activities concentrate on the non-residential building construction and renovation markets.
The company also has a concrete construction business which provides formwork and shoring solutions to customers around the world. Brand also provides specialty craft services such as insulation, safety services and carpentry.