New Britain tool maker Stanley Black & Decker said it acquired CRC-Evans International for $445 million in cash from a group of investors, led by private-equity firm Natural Gas Partners, to expand its infrastructure solutions business, Reuters reports.
The acquisition will immediately add to earnings and will add over 10 cents to earnings by the third year, Stanley Black & Decker said.
The deal will be funded with Stanley Black & Decker’s existing sources of liquidity and will not increase the company’s year-end debt levels, the company said.
Founded in 1933, CRC-Evans is a supplier of specialized tools, equipment and services for the construction of oil and natural gas transmission pipelines, Stanley Black & Decker said.
Onshore natural gas pipeline equipment and services account for about 80 percent of CRC-Evans’ revenues, Stanley Black & Decker said.
