Stanley Black & Decker announced Thursday that it had acquired CRC-Evans International, a supplier of specialized tools, equipment and services for the construction of oil and natural gas transmission pipelines, in a $445 million cash deal.
The Connecticut-based company bought CRC from a group of investors led by private equity firm Natural Gas Partners.
Houston-based CRC, with fiscal revenue of about $250 million, will allow Stanley to immediately capitalize on favorable trends in the oil and gas infrastructure arena, Stanley said in a statement. The acquisition is part of a plan by Stanley to diversify its revenue base.
