Harris Pye joins investment group

Dec 15 2017


Repairs, upgrades and conversions engineering company, Harris Pye (HP), has been acquired by the Joulon Group.

Joulon was created in partnership with investment firm KKR to acquire well established companies globally. Joulon investments come from multiple funds managed or advised by KKR.

 

“We are really excited to have Harris Pye as part of Joulon Group. Harris Pye’s extensive global presence and expertise in executing large distributed complex projects across any asset class is an invaluable enhancement to our capabilities,” said Abhishek Kumar, Joulon vice chairman and Group CEO.

 

“This is very much a win:win situation,” explained HP CEO Mark Prendergast. “It is very much ‘business as usual’ for the group with its global team of 1,700 based in 17 facilities and offices around the world. The network stretches from Brazil to Japan, North American and Canada to Australia and includes major workshops in Wales, Brazil, Sharjah and Singapore.

 

“KKR/Joulon’s ambition is to grow the HP Group to many times its current size, through investment, strategic acquisition and increasing market share across the marine; offshore oil & gas; industrial and power services. This ambitious growth plan is very much in line with the directors’ desires, and the fact that we are now a part of one of the world’s largest private equity group will strengthen our financial backing and allow us to bid for complete projects as a Tier One EPC contractor, not further down the supply chain as at present.”

 

Under the new ownership Mark Prendergast remains as CEO, Chris David is Chief Operating Officer, and David Walters is Chief Financial Officer. HP board members will be announced shortly.

 

In the past couple of weeks it was announced that, Nigel Hopkins had been appointed managing director of Harris Pye UK.

 



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