Raccortubi Group, active in Italy and worldwide with its own manufacturing and distribution companies for piping material in special steels for the petrochemical industry, announces the acquisition of 100% of the capital of Norsk Alloys Ltd on today’s date. The acquired company is based in Aberdeen, Scotland, and has a lengthy experience in the distribution of pipes, fittings and flanges for the Oil & Gas industry. <BR><BR>Raccortubi was assisted by K Finance and Orbis (Clairfield International’s partners for Italy and the UK respectively) as Financial Advisors of the buyer; by Studio Pedersoli e Associati and Mills&Reeve as Legal Advisors; and by BDO LLP for the Accounting Due Diligence. Norsk Alloys was assisted by Infinity Partnership and Stronachs LLP as Financial and Legal Advisors respectively of the seller.

Raccortubi, founded in 1949 in Milan by Piergiorgio Pentericci, is owned today by his son Luca Pentericci. At the end of 2014, investment fund Sinergia II, managed by Synergo SGR S.p.A., entered Raccortubi’s capital with a quota of 25%. The operation resulted in an increase of capital destined to support Raccortubi in the implementation of a significant growth project on both a national and international scale. The first phase of the project concerned the strengthening of the Group’s manufacturing activity. Simultaneously with the entrance of the investment fund, 100% of the capital of Petrol Raccord S.p.A., manufacturer of butt weld fittings in stainless steel and special alloys up to 56″ in diameter, was added to align the existing production of Tecninox S.r.l. and extend the range.

The acquisition of Norsk Alloys, whose new company name will be Raccortubi Norsk Ltd, is destined to reinforce the Group’s distribution network on an international scale. This network currently consists of Raccortubi do Brasil, Raccortubi Middle East (Dubai) and Raccortubi Singapore. The addition of Raccortubi Norsk is consolidating their presence in the Oil & Gas industry, which has always been a reference market for the Group. Peter Ray, previous owner of Norsk Alloys, will continue to lead the company as Managing Director. This significant standing in the United Kingdom will support Raccortubi UK, recently established in the London area to provide a service dedicated to engineering companies, plant manufacturers and major end users.

Following the transaction, Luca Pentericci stated, ´We are proud to offer an Italian contribution in the construction and maintenance of offshore platforms for oil fields in the North Sea, further reinforcing through this acquisition our presence in such a highly-specialized market as the one in Scotland´.