Doedijns International, through a US subsidiary, supported by its shareholder IK Investment Partners (IK), has acquired the assets of Logan Industries International Corp. (Logan), an integrated engineering and manufacturing company based in Houston, Texas, which focuses on heavy hydraulic equipment for the offshore oil and gas industry. Financial details of the acquisition are not disclosed.
Doedijns, headquartered in the Netherlands, is a leading supplier of hydraulic equipment for the oil & gas and maritime & dredging industries. The acquisition of the assets of Logan, the second acquisition Doedijns has made since IK became a majority shareholder in September 2011, gives the company a strong presence in the Gulf of Mexico region, a key global market for companies servicing the offshore oil and gas industry.
The acquisition of the assets of Logan follows Doedijns’ acquisition in December 2011 of Wilmax, a Singapore based engineering company specialising in control and valve automation, and process packages for the oil & gas industry, with manufacturing presence in Malaysia, Singapore and Indonesia.
The combination of these three companies gives Doedijns strong local presence in the three key geographic hubs in the oil & gas industry, enabling it to service its global customer base locally around the globe. In addition, the scale of the combination will lead to lower sourcing costs, and has widened the Doedijns product portfolio into, for example, deep water and subsea solutions.
Founded in 2002, Logan is currently owned by the founding management team, comprising the chief executive officer, chief operating officer and chief technology officer, who will become shareholders in the Doedijns group and will remain in their respective roles.
Juul IJzermans, CEO of Doedijns International , said: “The acquisition of Logan is the next logical step in our strategy to further develop Doedijns’ international footprint. We now have businesses in each of the three main geographic hubs for the oil and gas industries, including a presence in the strategically important Gulf of Mexico region which is home to a large segment of the global offshore oil and gas industry. Additionally, Logan’s expertise in subsea and deep water equipment will reinforce our competitive advantage in Europe.”
Chris Gridley, CEO of Logan Industries International Corp. , said: “The link up with Doedijns and Wilmax will allow us to access the South East Asian offshore market and will hugely benefit our existing customers. We are looking forward to our collaboration with our new colleagues at Wilmax and Doedijns.”
Remko Hilhorst, Partner at IK Investment Partners , said: “This transaction is in line with our strategy to support Doedijns’ international expansion. The company is now positioned as a global leader, providing equipment manufacturing and engineering for the oil and gas industry.”
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Press Release, November 08, 2012; Image: Logan