Carlyle acquires EnerMech from Lime Rock

Financial details of the transaction remain undisclosed, though various media reports place the value of the deal in the £425-450m range. EnerMech generated EBITDA of £43.6m from revenues of £361m in 2017 and is forecasting EBITDA of £59m from a turnover of £430m in 2018.

The deal, which sees the acquirer draw capital from its $2.5bn fund Carlyle International Energy Partners, brings to an end a 10-year holding period for Lime Rock.

During the vendor's tenure, the business widened its remit to include larger-scale infrastructure projects, and also expanded internationally. It has made numerous acquisitions, most recently bolting on the UK valves business of Denholm Valvecare in February 2018, and US- and Australia-headquartered electrical and instrumentation business EPS Group in January 2017.

EnerMech's existing management team will remain in place under Carlyle's stewardship, which will see the business pursue an acquisitive and international expansion strategy.

The transaction is subject to antitrust and regulatory approval, and is scheduled to complete by the end of 2018.

Previous funding
Lime Rock took part in a £30m growth capital funding round for EnerMech alongside the former management of PSL Energy Services in 2008.

Company
Headquartered in Aberdeen and founded in 2008, EnerMech provides mechanical and electrical services to sectors including oil and gas, renewables, defence, power, infrastructure and petrochemicals. The business has a headcount of 3,500 across 40 locations.

People
Lime Rock Partners – John Reynolds (co-founder, managing director).
Carlyle International Energy Partners – Marcel van Poecke (head).
EnerMech – Doug Duguid (CEO); Michael Buchan (chief financial officer).

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