Private equity investors One Equity Partners and Buckthorn Partners acquired offshore energy infrastructure player Acteon Group Ltd., the companies announced March 27.
U.K.-based Acteon Group provides specialist engineering, technology applications and other services to customers in offshore oil, gas and renewables. The firm was founded in 1989 and employs 2,300 staff from 58 locations around the globe, according to a news release.
Buckthorn Partners and One Equity Partners (OEP) “are making a substantial investment” to enable Acteon to compete more strongly in its core markets, the companies said. Financial terms of the acquisition were not disclosed.
Buckthorn and OEP will focus on building out Acteon’s capabilities in survey, foundations, moorings, decommissioning and consulting engineering services.
In conjunction with the acquisition, Brice Bouffard was appointed as CEO of Acteon.
OEP is leading the transaction, in which Buckthorn is partnering as a co-investor, according to an OEP press release.
“We are pleased to have One Equity Partners as our investment partner to help us capture the significant opportunity to grow in our target markets,” Bouffard said in OEP’s release. “OEP’s deep industrial expertise will be invaluable to us as we engage in initiatives that will increase operational efficiencies, develop more advanced services for our customers, and make us a stronger competitor in our core products and service areas.”
Recommended Reading
Exclusive: Tenaris’ Zanotti: Pipes are a ‘Matter of National Security’
2024-04-12 - COVID-19 showed the world that long supply chains are not reliable, and that if oil is a matter of U.S. national security, then in turn, so is pipe, said Luca Zanotti, U.S. president for steel pipe manufacturer Tenaris at CERAWeek by S&P Global.
Exclusive: Sabine CEO says 'Anything's Possible' on Haynesville M&A
2024-04-09 - Sabine Oil & Gas CEO Carl Isaac said it will be interesting to see what transpires with Chevron’s 72,000-net-acre Haynesville property that the company may sell.
Exclusive: Liberty CEO Says World Needs to Get 'Energy Sober'
2024-04-02 - More money for the energy transition isn’t meaningfully moving how energy is being produced and fossile fuels will continue to dominate, Liberty Energy Chairman and CEO Christ Wright said.
Chesapeake, Awaiting FTC's OK, Plots Southwestern Integration
2024-04-01 - While the Federal Trade Commission reviews Chesapeake Energy's $7.4 billion deal for Southwestern Energy, the two companies are already aligning organizational design, work practices and processes and data infrastructure while waiting for federal approvals, COO Josh Viets told Hart Energy.
Exclusive: Calling on Automation to Help with Handling Produced Water
2024-03-10 - Water testing and real-time data can help automate decisions to handle produced water.