Insituform Technologies Inc., global provider of pipeline protection services and materials, has announced acquisition deals totaling more than $28.6 million for complementary companies in the United States, United Kingdom and United Arab Emirates.
On June 30, the Chesterfield, MO-based company completed the purchase of CRTS Inc., based in Tulsa, OK, for about $24 million.
|CRTS specializes in pipeline internal field joint coatings.|
CRTS, also known as Coatings Robotics Technical Services, specializes in pipeline internal field joint coatings. The company also provides external coatings and inspection services as well as rebar plant construction.
CRTS had revenue of about $13.3 million in 2010. In addition to its North American offices, CRTS has offices in the Middle East and Brazil.
CRTS shareholders also can earn up to another $15 million if certain performance targets are achieved over a three-year period ending Dec. 31, 2013.
Insituform also said it had reached agreement to acquire Hockway Ltd. and Hockway Middle East FZC, based in the United Kingdom and UAE, respectively, for a total of $4.6 million. That deal is expected to close about July 31, pending regulatory approvals in the UAE.
Hockway shareholders could earn up to $1.5 million more if certain performance targets are reached over the three years ending Dec. 31, 2013.
Onshore, Offshore Services
Hockway began in the U.K. in 1975 to meet the demands of the oil and gas industry for cathodic protection onshore and offshore. Today, the company offers a complete cathodic protection package from initial investigative survey through engineering design, manufacture of equipment, site installation and commissioning of systems with subsequent planned operational inspection and maintenance.
|Hockway provides cathodic protection and corrosion control services, engineering and materials to the UK and Middle East oil and gas markets.|
Hockway, which began operations in Dubai, UAE, in 2009, had revenue of about $10 million in 2010, and primarily serves the UK and Middle East oil and gas markets. The company is a major supplier of both impressed current and sacrificial CP systems to North Sea production platforms.
Insituform said it would fund its purchase of CRTS in part by borrowing against the company’s line of credit and would fund the Hockway acquisition out of Insituform’s cash balances.