GDF SUEZ, via Tractebel Engineering, acquires engineering services firm Lahmeyer

GDF SUEZ through its subsidiary Tractebel Engineering has announced the purchase of Lahmeyer, a company based in Germany and owned by Capiton GmbH.

Lahmeyer is a leading consultancy engineering company specialised in energy and water infrastructures that generates around 80% of its revenues, €135 million, outside of Europe, namely in Africa, Asia and the Middle East. Lahmeyer enjoys a strong international reputation, capitalising on a deep technical know-how reflected in its long track record as a niche player.

This acquisition, which valued the company at an EBITDA multiple slightly below 8, is a perfect strategic fit for GDF SUEZ to pursue through Tractebel Engineering its international development and growth. Tractebel Engineering, with a turnover of €470 million is a leading engineering company specialised in energy and smart infrastructure. It will benefit from Lahmeyer’s typical major references: Quarayyah Combined Cycle Power Plant 3800 MW in Saudi Arabia, Power Network Transmission in Abu Dhabi, Ethiopa-Kenia high voltage interconnector, Baglihar Hydro Power Plant 2×450 MW in India, Gibe 1800 MW Hydro Power in Ethiopia, Rogun 3600 MW Hydro Power Plant in Tajikistan, Power Developments in Mauritania, LNG terminal in Shanghai, 2800 km high voltage transmission lines in Brazil, coastal flood protection in Ghana, Tihange Nuclear Power Plant long term operation, among others.

The new combination will create a leading world player in consultancy engineering services specialised in energy and infrastructure. With a staff of 4400 experts with local presence in 34 countries its annual revenues will reach €600 million. The new combined entity will be able to deliver technical and project management services from a broader platform thus serving more clients in more markets, especially in Africa, Asia, Europe, Latin America and the Middle East.

As stressed by Jérôme Tolot, CEO of the Energy Services business line of GDF SUEZ, commented:

This acquisition is fully in line with the Group strategy to further develop the energy services business on a broad international scale. The resulting stronger engineering resources will also reinforce the Group for the development of new projects worldwide.