Birmingham pair advise on Italian oil & gas deal
BIRMINGHAM-based Orbis Partners and the Birmingham office of Mills & Reeve have advised Italian oil & gas services business, Raccortubi, on its acquisition of Aberdeen’s Norske Alloys.
The Raccortubi Group, with annual sales of €80m, has worldwide manufacturing and distribution activities for piping materials and specialist steels to support the oil & gas and petrochemical industries. It is controlled by the Pentericci family with investment from Italian private equity fund Synergo SGR.
The advisers said the acquisition of Norske Alloys would strengthen Raccortubi’s distribution network servicing oil & gas platforms in the North Sea and strengthen its recently established presence in the London area to provide a dedicated service to UK engineering companies, plant manufacturers and major end users.
The deal was lead in the UK by Orbis’s partner Chris Gregory and associate director Peter Bull. Orbis worked on this transaction alongside Milan-based K Finance, their fellow partners in Clairfield International, the global corporate finance advisory group.
Gregory said: “Despite the current difficulties in the oil & gas sector there are good opportunities for continued expansion by strategic acquisition in the right areas. The completion of this deal further demonstrates our strength in closing cross-border transactions working alongside our partners in Clairfield International.”
Legal advice on the transaction was provided by Mills & Reeve’s corporate partner Peter McLintock and associate Agata Dmoch.
