Actuant Corporation announced March 3 that it has acquired Superior Plant Services LLC (SPS) for approximately $57 million in cash. Funding for the completed transaction came from the company’s revolving credit facility.
Headquartered in Terrytown, La., SPS is a specialized maintenance services company serving the oil & gas and nuclear power industries in North America, primarily in the Gulf of Mexico and mid-Atlantic regions of the United States. Its services include field machining, flange weld testing, line isolation, bolting, heat treating and metal disintegration. SPS generated approximately $25 million in revenues last year.
SPS will operate as part of Hydratight, within Actuant’s Industrial Segment. Brian Kobylinski, leader of Actuant’s Industrial Segment, stated: “SPS is a great addition to our global joint integrity platform, adding a significant presence to our service business both in oil & gas in the important Gulf of Mexico region and in power generation in the mid-Atlantic. Its long-standing customer relationships and trained workforce of over 125 service technicians represent excellent complements to our existing Hydratight business. SPS president Al Shiyou and his management team have been successful in growing their business and we look forward to them joining the Actuant team.”
Actuant, headquartered in Butler, Wis., is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies. Since its creation through a spin-off in 2000, Actuant has grown its sales from $482 million to more $1.5 billion and its market capitalization from $113 million to more than $1.6 billion. The company employs a workforce of more than 7,500 worldwide.
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