Stanley Black & Decker — the manufacturer of hand tools, power tools and accessories, mechanical access and electronic security systems, and fastening systems, among other products —has acquired CRC-Evans International for $445 million in cash. CRC-Evans, supplies specialized tools, equipment and services for building oil and natural-gas pipelines.
The seller is a group of private investors led by Natural Gas Partners, a private-equity firm.
Stanley Black & Decker was formed in March following The Stanley Works’ $4.5-billion purchase of Black & Decker. In a statement, it said CRC-Evans represents a significant step in the expansion of its “Infrastructure Solutions” line of business, enabling it “to capitalize on favorable end-market trends in the oil and gas infrastructure area.”
Founded in 1933, CRC-Evans is a Houston-based, full-line supplier of specialized tools, equipment and services used in the construction of large-diameter oil and natural-gas transmission pipelines. It sells and rents custom pipe-handling and joint welding and coating equipment used to build large and small diameter pipelines.
President and CEO John F. Lundgren, stated: “This is a financially and strategically compelling transaction for Stanley Black & Decker. CRC-Evans is a highly profitable growth-oriented company with outstanding value propositions and strong customer relationships. As we continue our strategy to diversify outside of CDIY and Industrial Tools, we see this acquisition as an important step in building our Infrastructure Solutions business through acquisitions. We have been impressed with this business since our initial discussions began over a year ago and are very pleased that CRC-Evans’ experienced and well-respected management team will play a significant ongoing role as we bring to bear the company’s resources to support its future growth.”