Mustang, a Wood Group company, has acquired a majority stake in ISI Solutions for an initial consideration of US$5.2 million.
ISI Solutions is a Latin American provider of automation and control engineering and consulting services to the oil & gas, power and pipeline industries in Latin America. The gross assets of ISI were $8.5m as at 31 December 2010.
ISI, which will be rebranded ISI Mustang, has approximately 240 employees in six countries: Argentina, Bolivia, Chile, Colombia, Mexico and Peru. ISI Mustang will operate within Mustang’s Automation and Control (MAC) business and will continue to be led by Pedro Santamaria and its existing management team.
The acquisition is a key strategic move for Mustang into the Latin American automation and control market. With a core competency of providing automation services to the pipeline sector, ISI complements MAC’s business, which focuses on refining, petrochemical and oil & gas production facilities.
“ This is a strategic move to increase our automation and control capabilities in Latin Americ a,” said Steve Knowles, president of Mustang . “ ISI’s strong management team and proven track record provides Mustang with a robust platform for growth across South America and in Mexico .”
“ ISI sought a strategic partner to pursue the larger and more complex automation opportunities available in Latin America ,” said Pedro Santamaria, ISI Mustang chief executive . “ We are pleased to have found a parent with a strong global network, similar values and a shared focus on customers, employees and the community .”
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LNG World News Staff, December 19, 2011