Edgen Group through its subsidiary, Edgen Murray Europe Limited, has acquired UK-based HSP Group Limited (HSP) to enhance its valve and actuation offerings to customers around the world.
HSP sells valves and actuation products and services to customers in global oil and gas offshore, refining, petrochemical and power markets from locations in the United Kingdom, Qatar and the United States. HSP distributes ball, gate, globe and check valves through long-standing relationships with leading global manufacturers.
“HSP has a strong reputation for technical knowledge, responsiveness and attention to detail in the United Kingdom and the Middle East, whether customers require long-term project packages or immediate MRO (maintenance, repair and operations) supply,” said Craig Kiefer, Edgen Murray’s president. “The integration of the HSP business will allow us to better meet the needs of our shared and new customers in the energy sector across Europe, the Middle East and Caspian region.”
Dan O’Leary, Edgen Group’s chief executive officer added, “HSP is a company whose strategy complements our own - to create and sustain mutually beneficial relationships with oil and gas customers for specialised material supply. We expect the products, services, locations and expertise acquired in this transaction to have an immediate benefit to Edgen Group, both operationally and financially.”
Effective from the middle of December, HSP’s chief executive officer Peter Everett and his staff have joined Edgen Murray. HSP’s projected revenue for 2012 is approximately £23m ($37 million USD). Financial details of the cash and stock acquisition were not disclosed.