Sector News

Wood Group makes $150million acquisition

December 3, 2015

Wood Group has acquired Infinity Group in a $150million deal.

The family-owned, Texas Gulf Coast industrial construction and maintenance contractor serves the petrochemical, refining and gas processing sectors.

The firm, founded in 1952, has 2,500 personnel, $92million in gross assets and is on track to turnover $26million this year.

The existing management team is expected to continue to lead the business and will operate within the Wood Group PSN Americas business unit.

Wood Group chief executive, Dave Steward, said: “The addition of The Infinity Group gives Wood Group PSN service line expansion, sector diversification, and entry into the US petrochemical and other downstream sectors, coupled with access to new clientele. Their 60-year history is a testament to the relationships they have built that we look forward to continuing and growing.”

Harold Monical, Jr., president of Infinity Construction Services, added: “Joining Wood Group allows us to expand our service offering to their diverse customer base and gives us exposure to larger scale projects while also continuing to serve our current market and clients.”

By Rita Brown

Source: Energy Voice

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