Aggreko Acquires Us Power Rental Business
(3 December 2010)
Aggreko, the global leader in temporary power and temperature
control, announced today that it has acquired Northland Power
Services ("Northland"), a leading provider of power solutions for
the oil and gas exploration and production market in the Rocky
Mountain region of the United States, for a maximum consideration
of $26 million. Headquartered in Gillette, Wyoming, Northland
operates out of three locations, has around 57 MW of power fleet
and has forecast revenues for 2010 of around $12m. The acquisition
will take the number of Aggreko service centres in North America to
53, and the number of employees to over 800.
The oil and gas market is a key area of focus for Aggreko, both
in North America and
worldwide. In Russia, Asia, the Middle East, the North Sea, and
off-shore Brazil, Aggreko provides specialist power and temperature
control services to this important sector. In North America,
Aggreko serves production and exploration customers in the Gulf of
Mexico, Texas and Louisiana, and in 2008 acquired Power Plus
Rentals and Sales in Alberta, which enabled it to serve the
Canadian market. The acquisition of Northland gives Aggreko a
strong presence in a fast-growing part of the market and one which
is important both in terms of giving access to a new geography and
because Northland brings expertise in providing power to customers
developing coal-bed methane and shale oil and gas resources.
Rupert Soames, Chief Executive of Aggreko said: "This
acquisition gives Aggreko an opportunity to grow in an important
sector and develop our relationships with customers in the
unconventional oil and gas markets. For Northland's existing
customers, it will bring access to a broader range of equipment and
services, as well as the resources and expertise of a global power
rental business."