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Cimation sold to Accenture

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World Pipelines,

Audubon Companies, a global provider of EPCM services, today announced an agreement to sell its majority ownership in Cimation – an affiliate of Audubon Companies – to Accenture. Under the terms of the agreement, clients will continue to have access to Cimation's process automation, information technology and industrial control system (ICS) cyber security solutions as the companies maintain a relationship to ensure seamless service for existing clients.

Comments from Audubon

"It has been an honor to watch Cimation grow from just ten people in 2009 to today's robust business with strong future prospects for continued growth," said Lee Beckett, Managing Partner and Chief Executive Officer of Audubon Companies. "Our clients can be assured that the high level of service they have come to expect from Audubon Companies and the full suite of innovative and flexible project solutions will not change. In fact, the proceeds from the sale will allow us to continue to invest in growth opportunities that further expand our diverse set of offerings."

As part of the transaction, Cimation's approximately 200 employees are expected to join the Accenture Asset and Operations Services group.

Additional information

Terms of the transaction were not disclosed. Simmons & Company International acted as exclusive financial advisor to Cimation and Audubon Companies. Baldwin Haspel Burke & Mayer served as legal representatives to Cimation and Audubon Companies.

Edited from source by Stephanie Roker

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