Altrad Completes Muehlhan Deal

Altrad Completes Muehlhan Deal
Altrad noted that the deal marks 'another exciting milestone' in its development.

Earlier this week, Altrad announced the completion of its acquisition of Muehlhan’s oil and gas business in Denmark and in the UK.

Altrad noted that the deal, which completed on December 31, 2021, marks “another exciting milestone” in its development, “whereby it invests in businesses that share its excitement, vision and values to offer enhanced value to its clients”. The transaction sees around 750 people joining Altrad, the company highlighted.

“We are delighted to welcome the Muehlhan businesses into the Altrad family,” Altrad’s CEO for the UK, Ireland and Nordics, Padraig Somers, said in a company statement.

“The acquisition makes a perfect addition to our business - it supports the repositioning of our offshore business by adding scale and capability, it enhances our relationship with a number of strategic clients and allows us to extend our geographic footprint into Denmark,” Somers added in the statement.

Commenting on the deal, Peter Hughes, Altrad’s director of business development and strategy, said, this latest acquisition represents another step in the repositioning of Altrad’s upstream business - aligning with the objectives of our 2026 strategy for UK and Nordics, which will see Altrad transition into a business that is 75 percent larger than it is today, by 2026”.

In October last year, Altrad announced that the acquisition of a majority interest in CIDES Congo was completed. CIDES is a leading rope access and inspection services business in Congo, notably in the oil and gas market but also in other industries, Altrad noted in a company statement at the time.

In July 2021, Altrad revealed that it had agreed to acquire Australian-listed Valmec Group, which it described as a multi-discipline contractor, delivering in-house and niche end-to-end solutions covering design, construction, maintenance and asset integrity services to the oil and gas, energy, water, infrastructure, and resources sectors.

Also in July last year, Altrad announced that an agreement had been reached to acquire Kiel Group, a German piping and mechanical maintenance company.

To contact the author, email andreas.exarheas@rigzone.com


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