Kentz Acquires Engineering Services Company RNE

Source: www.gulfoilandgas.com 2/8/2011, Location: Africa

Kentz Corporation Limited (Kentz), the holding company of the Kentz Engineering and Construction Group, is pleased to announce that it has acquired RNE Engineering and Projects (Pty) Ltd (RNE), a leading supplier of engineering services, from its founders and other shareholders for a total cash consideration of approximately South African Rand 73 million (approximately US$10 million) over a period of four years.

RNE undertakes project management, engineering and design services including process, mechanical, piping, civil and structural engineering for oil, gas and petrochemical process plants. It is involved in both capital expenditure projects and asset enhancement production services and has approximately 85 employees based in two offices in Secunda and Sasolburg, South Africa.

RNE has a successful track record as a leading supplier to Sasol and has worked with Kentz in South Africa for over three years. The partnership will support the growth of activity in South Africa as well as the opportunity to jointly tender for select Engineering, Procurement and Construction (EPC) contracts.

The acquisition is aligned with Kentz's stated strategy of growth through smaller, value enhancing opportunities to supplement its existing capabilities across the global footprint of the Group. The acquisition will be earnings enhancing in the first full year of ownership.

Hugh O'Donnell, Chief Executive Officer, of Kentz Group commented:

"RNE has built an impressive market presence in the oil, gas, petrochemicals, metals and mining market sectors in South Africa. By bringing the experience of RNE together with Kentz's presence in a broader number of sectors we are well positioned to offer an expanded range of niche EPC solutions to a wider client base throughout Southern Africa."

"Our business is about people and we have a found a strong cultural fit with the RNE senior management team. We share the same values in delivering world class projects safely for our clients."


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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