El Segundo-based Architect Equity has acquired oil industry services firm Timec Oil & Gas, Inc. from Spanish infrastructure company Ferrovial, Architect Equity announced Dec. 1. Financial terms of the transaction were not disclosed.
Architect Equity is a private equity firm that specializes in acquiring small to mid-sized companies with revenues between $25 million and $500 million. According to the company, the firms it acquires are generally undergoing some form of business transition at the company or industry level.
This is the sixth acquisition for Architect Equity, which was started in 2018 by Jay Yook and Dionisio Lucchesi, who both had previous positions that involved investing in companies with complex special situations.
Among the other acquisitions Architect Equity has made: mail delivery provider Mail Group, aerospace and defense composites supplier Aeromatrix Composites and consumer products company Faultless Brands.
Architect Equity’s latest acquisition, Houston-based Timec Oil & Gas, specializes in mechanical services, welding, repair and inspection at high temperatures in support services to oil production companies. Besides its Houston headquarters and the oil-rich Gulf Coast, the company has continuous operating bases in California, the Pacific Northwest, North Dakota and the Rocky Mountains region.
Among Timec’s oil giant clients: San Ramon-based Chevron Corp.; Irving, Texas-based ExxonMobil Corp.; the Hague, Netherlands-based Royal Dutch Shell; and San Antonio-based Valero Energy Corp.
Timec Oil & Gas’ parent company, Ferrovial, is an infrastructure services firm headquartered in Madrid. It builds and manages toll roads, manages airports and provides construction services.
“Timec is an excellent opportunity for Architect to partner with a highly qualified management team that is leading a proven business at a time when oil demand and supply is increasing, and energy operations are preparing for increased production in the coming years,” Lucchesi, who is Architect Equity’s managing director, said in the announcement. “We are excited about building upon the existing core business as well as identifying opportunities for growth in adjacent energy markets that require highly skilled maintenance and construction services.”
Lucchesi said Architect Equity is still in the phase of acquiring small and middle-market companies; the firm has yet to sell any of its portfolio companies, and none of those companies have otherwise exited through IPOs or SPAC deals.
