Gas South to buy Infinite Energy
Gas South - a leading provider of natural gas - is projecting its annual revenues to double to $1 billion following news of its proposed acquisition of Florida-based Infinite Energy.
The deal, subject to regulatory approvals and expected to close by the end of 2020, will see Gas South acquire Infinite Energy’s wholesale and retail natural gas business and customer list, located primarily in the states of Georgia and Florida. The combined company will provide natural gas service to approximately 425,000 residential, commercial, industrial and wholesale customers throughout the southeast.
“The opportunity to acquire Infinite Energy brings together two strong and successful companies with shared geographic footprints, similar ‘people first’ cultures, and complementary core business competencies,” said Kevin Greiner, Gas South’s president and CEO.
“We’ve long admired the work Darin and Rich have done to launch one of the original natural gas providers in Georgia and Florida and build it into an impressive energy retailer that also has a leading wholesale and trading business. We’re excited to welcome Infinite Energy’s employees and customers to Gas South.”
As part of Gas South’s mission to “Be a Fuel for Good,” the company pledges 5 percent of its annual profits to support the communities it serves. In 2020, it donated over $1 million to help families impacted by COVID-19.
The acquisition will be supported by a revolving credit facility jointly led by Truist Securities and J.P. Morgan Chase Bank, N.A. Infinite Energy’s retail electricity business in Texas is excluded from the transaction.
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."