Porter Hedges Represents the PPI Group in the $145M Sale of its Oil and Gas Engineering Services Business to Cardno Limited
HOUSTON, March 17, 2014: Porter Hedges represented the PPI Group of companies (PPI) in the sale of its oil and gas engineering services business to professional infrastructure and environmental services consultancy Cardno Limited (Cardno) for $145 million. To help fund the acquisition and provide balance sheet capacity for future potential acquisitions, Cardno also raised A$50 million as a part of this transaction.
Houston-based PPI provides specialist engineering services to the oil and gas sector in the United States, West Africa and Asia Pacific and employs 760 staff. PPI generated annual revenue of US$133 million and EBITDA of US$21.5 million in the year ended 31 December 2013. Cardno expects PPI’s engineering services to the midstream and upstream oil and gas sector to complement its existing environmental and permitting capabilities in the market.
Cardno is an ASX200 professional infrastructure and environmental services company, with specialist expertise in the development and improvement of physical and social infrastructure for communities around the world.
For additional information, please see the Cardno press release here.