Sale to MRC Global Inc.

Industrial
Sale to MRC Global Inc.

Summary

Baird served as exclusive financial advisor to Stream AS

About

Stream AS (“Stream”), a portfolio company of HitecVision and Converto Capital, was recently acquired by MRC Global Inc. (“MRC Global”) (NYSE: MRC) for NOK1.6 billion (approximately $260 million).

Stream is a leading pipe, valve and fittings ("PVF") distributor and provider of flow control products, solutions and services to the offshore oil & gas industry on the Norwegian Continental Shelf ("NCS"). Stream has long-term relationships with oil & gas E&P and EPC companies operating in the region. In addition, Stream has long-standing relationships with suppliers providing approximately 29,000 stock keeping units from over 700 suppliers. With approximately 500 employees including 100 engineers, Stream provides technical expertise in the challenging NCS offshore environment. Stream has seven facilities servicing the NCS, including the largest valve servicing organization in the Nordic region, and one facility serving the chemical industry in Germany. Stream’s services include service and repair, remote diagnostics, supplier approval and certification and training programs. Stream is headquartered in Stavanger, Norway.

HitecVision is a leading investor in the international oil & gas industry, providing capital and competence to growth companies in Europe and North America. HitecVision was founded in 1985 and has total committed capital of $3 billion. HitecVision is headquartered in Stavanger, Norway.

Converto Capital is an active ownership and advisory company established in 2009 with a mandate to manage a portfolio of companies on behalf of Aker ASA (OB: AKER), a listed industrial investment company with significant interests in the oil & gas industry. Converto Capital and Aker ASA are headquartered in Oslo, Norway.

MRC Global, a Fortune 500 company, is one of the largest global distributors of pipe, valves, and fittings and related products and services to the energy industry, based on sales, and supplies these products and services across each of the upstream, midstream and downstream sectors. MRC Global is headquartered in Houston, Texas.

For additional information about this transaction, please contact:

Vinay Ghai +44 (0) 20 7667 8225
Tom Lange (813) 273-8248
David Silver +44 (0) 20 7667 8216
Jason Kliewer (813) 273-8242
Matt Gehrke +44 (0) 20 7667 8268
David Schreiter +44 (0) 20 7667 8221
Industrial
Sale to MRC Global Inc.
Date
January 2014
Company
Stream AS
Transaction
M&A
Sectors
Industrial
Target Location
Europe
Acquiror Location
North America

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