Ferrovial sells Timec Oil & Gas in the US to Architect Equity

The deal furthers Ferrovial’s strategy of focusing on the development, construction and management of sustainable infrastructure. Timec provides services to the Oil&Gas sector in the US The rest of Ferrovial’s Services division in United Kingdom and Chile is still available for sale.

Ferrovial has reached an agreement to sell Timec Oil & Gas in United States to a fund managed by Architect Equity Holdings, as part of the divestment of Ferrovial Services. Timec is the company which provides services to the Oil & Gas sector in the US.  Completion of the deal is expected to take place  at November 30th.

Timec, which reported revenues of 165 million dollars in 2020,  has close to 50 years of experience providing the full spectrum of mechanical, specialty welding, high-temperature repair and inspection and upstream oil-field services through nested maintenance, turnaround or construction services. Headquartered in Texas, has continuous operating bases in California, the Pacific Northwest, Mid-Continent, Rocky Mountains and the Gulf Coast, and has maintained a market-leading position as a turnkey, full-service general contractor.

Architect Equity is an evergreen investment firm fund focused on acquiring and managing businesses in the lower middle market across multiple sectors in North America. The firm pursues companies that exhibit the opportunity for improvement and growth and can benefit from Architect’s capital base, industry relationships and operational resources. Architect Equity is comprised of a team of investors and operators that have over 100 years of combined experience in successfully acquiring and managing companies across a range of industries and market cycles. 

Uría Menéndez advised Ferrovial on the divestment of its oil & gas business in the United States.

Team: Juan Martín Perrotto (partner, Corporate and M&A, Madrid); Alex Bircham (international counsel, Corporate and M&A, Madrid); Arlanza Sánchez (associate, Corporate and M&A, Madrid); Luis Ignacio Díaz (junior associate, Corporate and M&A, Madrid).