Team, Inc. (TISI) - NYSE
  • Nov. 2, 2015, 10:59 AM
    • Midstream company Team Inc. (TISI +0.9%) agrees to acquire Furmanite (FRM +6.2%) for $335M in cash and stock, in a deal that will double Team's mechanical services capabilities and bring the combined company's locations to 220 worldwide.
    • The companies say the merger should bring in $20M-$25M in annual cost synergies within two years of closing; before synergies, Team expects the transaction to contribute ~$400M/year in revenue and $38M in annual adjusted EBITDA.
    • FRM President/CEO Joseph Milliron will retire immediately as part of the acquisition but remain for now on the FRM board; the new interim CEO is FRM Executive Chairman Jeffery Davis, who recently was named to the board as part of a proxy battle.
    | Nov. 2, 2015, 10:59 AM | 3 Comments
Company Description
Team, Inc. engages in the provision of industrial services related to maintenance and installation of pressurized piping systems and processes and inspections. It operates through the following segments: Inspection and Heat Treating Services (IHT) Mechanical Services (MS) and Quest Integrity... More
Sector: Services
Industry: Business Services
Country: United States