CRC-EVANS acquired by Stanley Black & Decker

Natural Gas Partners has announced that CRC-Evans Pipeline International, a portfolio company of Natural Gas Partners VII, L.P., has been acquired by Stanley Black & Decker for US$ 445 million in cash. A leading global supplier of specialised tools, equipment and services for the construction of oil and natural gas transmission pipelines, CRC-Evans will be integrated into SWK’s Infrastructure Solutions business group.

“NGP and CRC-Evans have enjoyed a close relationship over the past seven years,” said Kenneth A. Hersh, CEO and Managing Partner of Natural Gas Partners. “We were delighted to be the equity sponsor of a US$40 million management-led buyout of the company in 2003 and since that time, management of CRC-Evans has done a masterful job of growing the business and building an unparalleled position in the global pipeline construction industry. NGP couldn’t be more proud of its association with CRC-Evans and its management team, and we know the company will be a great addition to Stanley Black & Decker’s business.”

CRC-Evans CEO Timothy Carey said, “NGP has been a valued partner, investor and board member for a long time, and their transaction team contributed greatly to the successful closing of our sale.  Now we look forward to a new chapter in the CRC-Evans story in concert with Stanley Black & Decker.”

Founded in 1988, Natural Gas Partners is a US$7.2 billion family of investment funds organised to make direct equity investments in private energy enterprises. In addition, two co-investment funds were created with US$350 million available to invest in direct oil and gas property interests alongside NGP’s portfolio companies. NGP is part of the investment platform of NGP Energy Capital Management, the premier investment franchise in the natural resources sector with US$9.5 billion in cumulative capital under management.

Read the article online at: https://www.worldpipelines.com/business-news/04082010/crc-evans_acquired_by_stanley_black_and_decker/