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MRC Global Inc. (NYSE: MRC), Houston, TX, has announced acquisitions in Norway and England.
MRC has agreed to acquire privately held Stream AS, headquartered in Norway, for about $260 million including the assumption of debt. Stream is a PVF distributor of flow control products, solutions and services to the offshore oil and gas industry on the Norwegian Continental Shelf, the world's largest offshore sector.
The acquisition is expected to close in January. Stream's 2013 revenues are estimated at $273 million. The selling shareholders of Stream are HitecVision and Converto Capital.
MRC also announced it has acquired Flangefitt Stainless Ltd. Flangefitt, headquartered in Warrington, England, with a location in Scotland, is a pipe, flange and fitting distributor to the oil and gas industry. Flangefitt's 2013 revenues are estimated at about $28 million and it will be operated as "MRC Flangefitt."
Andrew Lane, MRC president and CEO, said, "These acquisitions continue our multi-year international growth strategy, complement our previous international acquisitions and are expected to allow us to achieve over $900 million in international segment revenues in 2014, with a target of over $1 billion in 2015.
"The Stream acquisition provides MRC Global a platform for growth in offshore applications where our major customers have been very active. The acquisition of Flangefitt's PFF business complements our existing U.K.-based, MRC Transmark valve business as well as the Stream Energy Piping business. We now have the full range of pipe, valves and fittings to serve both the NCS and the U.K. Continental Shelf sectors as well as global projects with high-end alloy PFF requirements."