NEW YORK Edgen Group Inc. subsidiary Edgen Murray Europe Ltd. has bought Britain-based HSP Group Ltd. as it looks to expand its valve and actuation product sales and services to energy companies around the globe.
Edgen Murray Europe, a global distributor of specialty steel products for the energy and infrastructure markets, said the acquisition will expand its reach specifically to new and shared customers in Europe, the Middle East and the Caspian Sea region, the company said. HSP has locations in the United Kingdom, Qatar and the United States, Baton Rouge, La.-based Edgen Group said.
The terms of the deal, which included both cash and stock, were not disclosed.
"HSP is a company whose strategy complements our ownto create and sustain mutually beneficial relationships with oil and gas customers for specialized material supply," Edgen Group chief executive officer Dan OLeary said in a statement. "We expect the products, services, locations and expertise acquired in this transaction to have an immediate benefit to Edgen Group, both operationally and financially."
HSPs projected revenue for 2012 is about £23 million ($37 million), Edgen Group said, adding that HSP chief executive officer Peter Everett and his staff have joined Edgen Murrays team.