Architect Equity (Architect) announced that it has acquired Timec Oil & Gas, Inc. (Timec) from Ferrovial Services North America (FSNA), a division of Ferrovial S.A. Timec is a leading provider of maintenance, turnaround, and construction services to a range of customers in the energy sector.
Timec has over 50 years of experience in mechanical services, specialized welding, repair, and inspection at high temperatures and in support services to oil production, through maintenance, repair, and construction services. Headquartered in Texas, the company 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. Some of Timec’s blue-chip clients include Chevron, Shell, Valero, ExxonMobil and PBF Energy.
Dionisio Lucchesi, Managing Director of Architect Equity, said, “Timec is an excellent opportunity for Architect to partner with a highly qualified management team that is leading a proven business at a time when oil demand and supply is increasing, and energy operations are preparing for increased production in the coming years. We are excited about building upon the existing core business as well as identifying opportunities for growth in adjacent energy markets that require highly skilled maintenance and construction services.”
“Timec represents another opportunity that fits well with Architect’s investment thesis of acquiring an established business with unique service capabilities, a blue-chip customer base that can scale significantly with existing resources, and large addressable end markets to fuel future growth,” added Eric Luoma, Principal at Architect Equity.
“The Timec team is excited by the Architect Equity acquisition,” says Jim Price, President of Timec Oil & Gas. He adds, “Architect is a great fit to support Timec - they are a very experienced team with both investing and operating backgrounds and are excited to work with Timec to be positioned to provide stronger, efficient service that our clients expect. Of upmost importance is that Timec will continue to be known as the safe employer of choice for staff and craft to execute complex projects for our valued clients throughout North America.”
“The leadership team of Timec has developed a significant amount of domain knowledge from operating in the industry over an extensive period of time, which is a real differentiator when mission critical projects require best-in-class teams with deep domain expertise,” said Lisa Bahash, Principal and Operating Partner at Architect Equity.
The acquisition of Timec marks the sixth platform acquisition by Architect since its inception and its third cross-border, corporate divestiture transaction in the last 18 months.