GDF Suez unit Tractebel buys Lahmeyer
GDF SUEZ said its unit, Tractebel Engineering, purchased Lahmeyer, a company based in Germany and owned by Capiton GmbH.
Lahmeyer is a consultancy engineering company specialised in energy and water infrastructures that generates around 80% of its revenues (135 M€) outside of Europe, namely in Africa, Asia and the Middle East. Lahmeyer enjoys a strong international reputation, capitalising on a deep technical know-how reflected in its long track record as a niche player.
This acquisition – valued at an EBITDA multiple slightly below 8 – is a perfect strategic fit for GDF SUEZ to pursue through Tractebel Engineering its international development and growth. Tractebel Engineering, with a turnover of €470 million is an engineering company specialised in energy and smart infrastructure.
The new combination will create a leading world player in consultancy engineering services specialised in energy and infrastructure. With a staff of 4400 experts with local presence in 34 countries its annual revenues will reach €600 million. The new combined entity will be able to deliver technical and project management services from a broader platform thus serving more clients in more markets, especially in Africa, Asia, Europe, Latin America and the Middle East.
As stressed by Jérôme Tolot, CEO of the Energy Services business line of GDF SUEZ, “This acquisition is fully in line with the Group strategy to further develop the energy services business on a broad international scale. The resulting stronger engineering resources will also reinforce the Group for the development of new projects worldwide.”
Finalisation of the transaction will take place before year end 2014 following customary closing conditions and regulatory approvals.
Press Release, September 15, 2014; Image: Tractebel