Aegion Corporation announced today the execution of a definitive agreement. The agreement was to acquire the equity shares of Brinderson LP and related entities. The deal was priced at US$150 million. The expected date for the closing of the acquisition is on July 1, 2013.
Brinderson is a leading integrated service provider of maintenance, construction, engineering and turnaround activities. The company provides companies in the upstream and downstream oil and gas markets. The main focus of the company is serving big oil and gas clients in California. Brinderson is a leading the industry with its safety record and strong reliable reputation for quality and comprehensive solutions. Brinderson has engaged in long-term contracts and nearly 40 master service agreements. The company derives approximately 75% of its revenues from recurring activities. Brinderson's revenue reached around US$231 million and adjusted EBITDA was at US$23.8 million.
Aegion's President and CEO J. Joseph Burgess said the company is pleased with Brinderson joining Aegion's Energy & Mining platform. The acquisition has opened a new end market for upstream and downstream energy facility maintenance.
Russel Conda, Brinderson's President and CEO commented that their company has successfully transformed over the last five years. The transformation was from being a construction-based company supporting oil refineries to an integrated full-service firm that provides long-term maintenance to its clients.
Join the Conversation