15.10.2018

Carlyle acquires EnerMech

Global investment firm, The Carlyle Group has agreed the acquisition of Aberdeen, Scotland based offshore services group EnerMech from private equity firm Lime Rock Partners.

The investment will come from Carlyle International Energy Partners’ $2.5 billion fund that invests in the oil & gas market outside of 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, including crane rental, repair and servicing to the global energy and infrastructure industries. With operations in Australia, the Americas, Europe, Middle East, Caspian, Africa and Asia.

EnerMech founder and chief executive 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.”
Marcel van Poecke, head of Carlyle International Energy Partners, added: “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.”

The deal is expected to complete by year end, subject to any regulatory issues.

EnerMech was set up in 2008 by former PSL owners Doug Duguid, Michael Buchan, Derek Grant and Phil Bentley with a combined capital investment of more than £30 million by the four shareholders and private equity firm Lime Rock Partners.