EMCOR Group, a publicly traded US company providing mechanical and electrical construction services, energy infrastructure and facilities services, has agreed to pay First Reserve Corporation $455 million (€338 million) for Ohmstede.
First Reserve purchased the Beaumont, Texas-based refinery services company in June 2006 from Tanglewood Investments for an undisclosed amount.
The deal with EMCOR is expected to close at the end of September or early October, and is subject to customary closing conditions and regulatory approvals.
Simpson Thacher and Bartlett provided legal advice to First Reserve. Harris Williams and Credit Suisse were advisors to Ohmstede and First Reserve.
In June, First Reserve sold its remaining, 48.3 percent stake Chart Industries, a publicly traded cryogenic equipment maker, for $263 million in a secondary public offering. It had purchased the company in 2005 from Oaktree Capital Management and Audax Group in a $460 million deal.
Greenwich, Connecticut-based First Reserve closed its eleventh energy-focussed fund last year on $7.8 billion.