Wood Group has acquired CEC Controls Company, Inc. (CEC Controls), a management-owned designer and builder of industrial & process control systems primarily in the automotive manufacturing industry, for an initial consideration of $44m payable in cash at closing with a further total fixed deferred consideration of $15m payable in cash over the next three years.
Established in 1966, CEC Controls is headquartered near Detroit. The company employs more than 220 personnel across its 12 North American offices and office in Romania. Further deepening Wood Group’s automation and control capabilities, this follows the acquisition of the Automated Technology Group (ATG), one of the UK’s largest independent suppliers of control and power solutions for industrial automation, in September 2015.
CEC Controls’ current clients include Ford, GM and Fiat-Chrysler and the business will continue to be led by its existing management team. CEC Controls currently has gross assets of $34m and generated an EBITA of $9.6m in 2016.
Jones Day is advising Wood Group in its acquisition with a team led by of counsel Arthur Nathan.
Involved fees earner: Arthur Nathan – Jones Day;
Law Firms: Jones Day;
Clients: Wood Group;