Brenntag, the global market leader in chemical distribution, announces today it has completed the acquisition of the pipeline and chemicals services business segment of Greene’s Energy Group, LLC, a leading provider of integrated solutions for the Oil & Gas (O&G) industry in the USA, headquartered in Houston, Texas. The business is focused on pipeline cleaning and hydrostatic testing.
Markus Klähn, Member of the Management Board of Brenntag Group and CEO Brenntag North America: “The acquisition complements our existing product and service portfolio for the O&G business in the USA and supports our ability to comprehensively serve all segments of the industry.”
The acquired assets of the pipeline and chemicals services segment of Greene’s Energy Group, LLC, offers a full range of products and services for pipeline integrity management, new construction and maintenance support including several proprietary chemicals and large inventory of specialized equipment.
Anthony Gerace, Managing Director Mergers & Acquisitions at Brenntag Group: “The acquisition will expand our capabilities and service offering in this important segment and is a good opportunity for further consolidation of the still fragmented market of service providers to the O&G industry.”
The business unit generated sales of approximately 15.5 million USD in the financial year 2016. Gross profit 2016 amounted to approximately 10 million USD with a normalized EBITDA of about 1 million USD. The investment totals 10.3 million USD.