Praxair Offshore Services Limited has announced it has acquired Scotland-based Dominion Technology Gases Investment Limited (Dominion), a leading global supplier of diving, welding, industrial, laboratory and calibration gases and associated equipment to the offshore oil and gas industry.
Financial terms of the transaction were not disclosed. Dominion, a distributor of Praxair gases, serves the growing global offshore oil and gas exploration and production markets from its locations centered among several key offshore facilities.
Dominion uniquely positions Praxair to provide industry-leading products and services to an expanded base of high-value customers in the global offshore oil and gas market. Dominion is expected to generate full-year sales in 2013 of approximately $55m.
Established in 1988, the company was majority-owned by Graphite Capital, a leading UK mid-market private equity firm. “The addition of Dominion significantly expands Praxair’s oil and gas related capabilities to key global customers in the offshore energy segment,” said Scott Kaltrider, vice president, helium and oil and gas services for Praxair.
“The Dominion team has built a premier, service-oriented business with 25 years of recognised commitment to superior customer service. With significant growth forecasted in offshore oil and gas exploration and production, we look forward to building on this outstanding service platform and significantly expanding growth through Praxair’s global footprint. We are pleased to welcome Dominion’s 80 associates to Praxair’s oil and gas services team.”
“The combination of the Dominion offshore services model and Praxair’s industrial gas infrastructure, and oil and gas expertise will enable an unparalleled level of service to our customers globally. Additionally, the opportunity for our employees to join a world-class organization like Praxair is exciting for the Dominion team as well,” said Russel Davies, group managing director of Dominion.