Construction engineering firm Fluor Corp. (NYSE: FLR) is adding repair and maintenance company Stork Holding BV from Arle Capital Partners for $755 million.
Stork, based in Utrecht, Netherlands, provides maintenance, repair, inspection and consulting services to the oil and gas, industrial and mining sectors. The target has about $109 million in annual Ebitda.
Fluor, with headquarters in Irving, Texas, is a construction engineering and project management company for the energy, infrastructure and industrial industries.
Arle is a middle-market private equity firm located in London. The PE firm recently announced plans to sell Stork subsidiary Fokker Technologies BV to automotive parts maker GKN plc for $765 million. Fokker makes landing gear for the aerospace sector.
“Stork’s business is largely driven by ongoing operating budgets and is therefore less impacted by volatile commodity prices. In addition, Stork’s continuous site presence will help us improve our ability to meet our customers’ needs throughout the full lifecycle of an operating plant, and provide Fluor with an ongoing earnings stream and robust growth opportunities,” says Fluor CEO David Seaton.
Stork will become part of Fluor’s operations and maintenance group, which will keep Stork’s name, and will be led by current Stork CEO Arnold Steenbakker.
Goldman Sachs & Co. (NYSE: GS) is advising Fluor.