Brand Energy & Infrastructure Services, a leading provider of specialty industrial services to North America’s energy markets, announced that majority shareholder First Reserve has signed definitive agreements to sell the company to Clayton, Dubilier & Rice for an undisclosed amount. First Reserve is the largest global private equity firm exclusively focused on energy. The transaction is subject to certain regulatory approvals and is expected to close before the end of this year.
CD&R has separately agreed to acquire the Infrastructure division of Harsco Corporation and intends to merge Brand and Harsco Infrastructure creating a leading, single-source provider of specialized industrial services to the worldwide energy and infrastructure sectors. The combined company will be named Brand Energy & Infrastructure Services and Paul Wood will remain Chairman and Chief Executive Officer of the Company.
Morgan Stanley acted as financial advisor to Brand and First Reserve. Simpson Thacher acted as legal advisor.
