|By PR Newswire||
|March 18, 2014 05:00 AM EDT||
PORTLAND, Ore., March 18, 2014 /PRNewswire/ -- Professional infrastructure & environmental services consultancy Cardno today announced its largest acquisition to date with the purchase of the PPI Group of companies (PPI) headquartered in Houston, Texas for US$145 million.
PPI provides specialist engineering services to the oil and gas sector in the United States, West Africa and Asia Pacific and employs 760 staff. PPI generated annual revenue of US$133 million and EBITDA of US$21.5 million in the year ended 31 December 2013.
Cardno CEO, Michael Renshaw said the acquisition of PPI is in line with the firm's strategy of expansion in attractive growth markets such as energy.
"This acquisition will strengthen Cardno's ability to service the expanding oil and gas sector in the United States and in key emerging markets," Mr. Renshaw said.
He said PPI's engineering services to the midstream and upstream oil and gas sector will complement Cardno's existing environmental and permitting capabilities in this market. He also commented that PPI provides Cardno with new capabilities and proprietary systems in asset and quality management which has application in other asset intensive industries.
"While concentrated on the oil and gas market, PPI is diversified in terms of services offered and in geographic markets served. In addition to the primary markets of the United States and Nigeria, PPI is currently delivering projects in Australia, Singapore, South Korea, Japan, Malaysia and Angola," Mr. Renshaw said.
Integral to PPI's significant growth history and reputation has been their ability to maintain long-term relationships with the major multi-national and national oil and gas clients such as five of the oil majors, BHP Billiton, Cobalt and Noble Energy.
Mr. Renshaw said: "The complementary and overlapping client base of Cardno and PPI presents strong potential for cross-selling across the United States, Latin America, Africa and Asia Pacific."
"Oil, gas and energy clients will now account for around 25% of Cardno's annual revenue. We believe this market presents solid opportunities for organic growth," he said.
The acquisition aligns with Cardno's strategy of market and service diversification and creates a range of organic growth opportunities through:
- Deepening Cardno's capabilities to support upstream and midstream oil and gas sector growth
- Experienced leadership bringing new and mutual relationships with multi-national and national oil and gas companies
- Building on a combined successful track record across Africa and complementary expansion plans for emerging economies in addition to Australia and the US
- Providing a platform to expand PPI's services across other asset intensive sectors and clients
Key acquisition risks are mitigated by Cardno's robust due diligence and integration process.
"Plans and incentives are in place to ensure PPI's key management will remain active in the company, which will be known as Cardno PPI," Mr. Renshaw said.
PPI President Randy Sullivan said the global reach and broader service lines offered by Cardno would be well received by their clients.
"Our staff are excited to join Cardno. There is a strong cultural alignment between the two firms, a fierce commitment to safety and a track record in delivering projects in both developed and emerging markets," Mr Sullivan said.
For further information:
Paul Gardiner, President, Americas Region, Cardno +1 (503) 734-1801
Michael Renshaw, Chief Executive Officer, Cardno +617 3369 9822 or +61 448 091 267
Graham Yerbury, Chief Financial Officer, Cardno +617 3369 9822 or +61 450 324 613
Randy Sullivan, President, PPI Group +1 (713) 464-2200
About Cardno: Cardno is an ASX200 professional infrastructure and environmental services company, with specialist expertise in the development and improvement of physical and social infrastructure for communities around the world. Cardno's team includes leading professionals who plan, design, manage and deliver sustainable projects and community programs. Cardno is an international company, listed on the Australian Securities Exchange [ASX: CDD]. www.cardno.com
About PPI Group: PPI is a multi-discipline engineering group headquartered in Houston, Texas. PPI offers total project management services including initial scoping, field development planning, front end engineering and design (FEED), detailed engineering and design, drilling and construction project management, field operations, procurement and Quality Assurance. With expertise in all facets of drilling, production and construction operations. www.ppitech.net
SOURCE Cardno USA
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