Acquisition of Furmanite Corporation
Baird served as the financial advisor to Team on this transaction
AboutTeam, Inc. (“Team”) (NYSE: TISI) has acquired Furmanite Corporation (“Furmanite”) (NYSE: FRM) in an all-stock transaction pursuant to an Agreement and Plan of Merger (the “Merger”), which provided for holders of Furmanite stock to receive 0.215 shares of Team common stock for each share of Furmanite common stock. As a result of the Merger, Furmanite shareholders own approximately 27% of the combined company.
Team is a leading provider of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team offers these services in over 140 locations throughout the world. Team is headquartered in Sugar Land, Texas.
Furmanite Corporation, founded in 1920, is one of the world’s largest specialty industrial services companies, providing world class solutions to customer needs through more than 80 offices on six continents. Furmanite delivers a wide portfolio of inspection and mechanical services which help monitor, maintain and renew the global energy, industrial and municipal infrastructures. Furmanite is headquartered in Houston, Texas.
The combined company will be the world’s largest mechanical services company with a leading presence in North America and will comprise more than 8,300 employees and 220 locations in 22 countries. The combination will approximately double the size of Team’s mechanical services capabilities and establish a deeper, broader talent and resource pool that better supports customers across standard and specialty mechanical services.
For additional information about this transaction, please contact:
- March 2016
- Team, Inc.
- Technology & Services
- Target Location
- North America
- Acquiror Location
- North America
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