Orbis advise Italian Group on Oil and gas acquisition
Raccortubi is an Italian based company operating globally within the Oil and Gas market, manufacturing and distributing piping materials, fittings and special steels. Group turnover is in the region of €80m. The business was established in 1949 and remains family controlled, having taken on private equity investment in 2014 to support the company in the implementation of a significant international growth strategy.
The first phase of the strategy saw the acquisition of an Italian manufacturer of butt weld fittings in stainless steel and special alloys in late 2014.
Raccortubi has now acquired Norsk Alloys, an Aberdeen-based distributor of pipes, fittings and flanges for the Oil & Gas industry. The acquisition of Norsk, to be renamed Raccortubi Norsk Ltd, reinforces the Group’s international distribution network which also covers Brazil, Dubai and Singapore.
This acquisition will support Raccortubi UK, recently established in the London area to provide a service dedicated to engineering companies, plant manufacturers and major end users.
We are proud to offer an Italian contribution in the construction and maintenance of offshore platforms for oil fields in the North Sea, further reinforcing our presence in such a highly-specialized market.
Luca Pentericci, CEO and Owner
Working with our Italian partners in Clairfield International (K Finance, Milan) we researched the UK market for acquisition targets, approached the shareholder of Norsk and worked with Raccortubi management and their other advisors to appraise the opportunity, structure an offer and deliver a satisfactory completion.