The North America maintenance and turnaround business supports refineries, petrochemical plants, and other industrial facilities
CAM Industrial Solutions has reached an agreement with Worley to buy Worley’s maintenance and turnaround business in North America for a cash consideration of US$ 125 million
Worley's construction and fabrication business in North America is not included in the sale. The sale also includes Worley's power operations and maintenance business.
The transaction is subject to regulatory approval and customary closure conditions and is expected to close in the second half of FY2023.
The North America maintenance and turnaround business is Worley's operating and shutdown maintenance craft work (non-professional services) in the USA and Canada, which supports refineries, petrochemical plants, and other industrial facilities.
Worley Chief Executive Officer Chris Ashton said Worley was delighted to be entering into this agreement with CAM Industrial and was looking forward to seeing the company continue to successfully service its many loyal customers across its markets.
CAM Industrial is a new company, formed by an investor group, led by Cross Rapids Capital (Cross Rapids Capital) and including strategic partner The Baupost Group. Cross Rapids is an operationally driven investment firm, focused on acquiring industrial and services companies in North America.
The existing management team will join and manage CAM Industrial and will be led by Mick Kaefer as its President. Donovan Boyd, Executive Partner with Cross Rapids Capital, will be appointed Chief Executive Officer of CAM Industrial. Mr Boyd is a highly successful and tenured executive in industrial services, having previously served as the Chairman and Chief Executive Officer of Hydrochem LLC, Director of The Brock Group, Executive Chairman, Chairman of B&G Crane, and Director of Brand Energy.
Kaefer said, "We thank our employees for their dedication and our customers for their business and support. Under our new name, CAM Industrial, our team will continue to be focused on safely and reliably operating our business, without interruption. We are very excited about this transaction and the growth prospects ahead."
Boyd added, "CAM Industrial welcomes our newest employees and is thrilled to partner with them to grow the company into the preeminent provider of hard craft maintenance and turnaround services in the industry. CAM Industrial will continue to operate with the values of safety, high-quality service, and responsiveness to customers."
Cross Rapids Capital Partner, Kyle Cruz, concluded, "We look forward to completing the transaction and investing in new processes, tools, and systems in order to better serve our customers and to pursue new growth initiatives."
UBS Securities is acting as exclusive financial advisor to Worley, and Reed Smith LLP is acting as Worley's legal advisor. Greenberg Traurig, LLP is acting as Cross Rapids Capital's legal advisor.
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