Current Holding

·

Acquired 2019

CRC Evans

A leading global provider of cutting-edge welding and field-joint coating solutions for critical infrastructure.

STATUS

Current holding

Sub-sector

Smart energy services

HQ

United Kingdom

Fund

Fund II

Overview

CRC Evans is a global, technology-enabled leader in specialist welding, coating and pipeline-protection solutions for critical energy and infrastructure projects.

With a heritage of more than 90 years, operations across five continents and over 112,000 km of pipeline serviced, CRC Evans combines engineering expertise, proprietary equipment and automation-led delivery.

Following Bluewater’s acquisition of Pipeline Technique in 2019 and the CRC Evans carve-out in 2022, the business is positioned to become an end-to-end pipeline-protection platform.

Approx. Revenue

$262m

Employees

~1,150

Countries

8

Bolt-on acquisitions

2

Why we invested

01

Unique opportunity to acquire a well-invested business at a distressed valuation.

02

High-quality reputation, well positioned for deepwater, with strong R&D capability.

03

Offshore market moving into recovery, with the onshore market also offering significant growth potential.

04

Well positioned to lead market consolidation.

05

High barriers to entry due to technical complexity.

Buy-and-build

Acquisitions completed under Bluewater ownership, building CRC Evans into an end-to-end pipeline-protection platform.

2022

CRC Evans

2022

Global Project Services