Prezioso Linjebygg (Prezioso) is a leading provider of insulation, scaffolding and surface coating services to maintain and extend the lifespan of industrial and marine structures. Its services are supplied to oil and gas installations, electricity generating plants, water and sanitation installations, general industrial plants, ships and civil engineering infrastructures. Prezioso's services are critical to protecting the integrity of these high value/zero defect installations in particularly harsh and demanding environments, such as off-shore oil and gas structures and nuclear power plants.
The Company is a market leader, with a well-established position in the industry. Customers include such multi-nationals as EDF, Total, BP, Exxon, Shell, Halliburton and Arcelor. Headquartered in France, the company was founded in 1957 and employs approximately 5,500 staff globally.
Over the last five years, Prezioso has delivered outstanding revenue growth, reaching sales of €481 million in 2014. Prezioso has strong international operations; some 70% of sales are currently generated outside Europe.
Prezioso's management is working with Cinven's teams to deliver an accelerated growth strategy through:
- further development in existing core markets, which are expected to deliver double digit growth over the next five years, driven by the increase in the number of off-shore installations, their maintenance requirements, and by the lifetime extension of nuclear reactors and more stringent maintenance requirements following Fukushima. These initiatives will include the development of high value add offers, leveraging on Prezioso's unique engineering and project management capabilities; and
- expansion in emerging markets and regions with high growth potential for oil and gas services, including the Middle East and the North Sea, supported by Cinven's Portfolio team.
In February 2014, Prezioso acquired Linjebygg Offshore, a Norwegian oil and gas services company. The combined entity was subsequently renamed Prezioso Linjebygg.
In May 2016, Cinven completed the sale of Prezioso Linjebygg to Altrad Group. Under Cinven’s ownership, the company has grown significantly and, despite current challenging conditions in the oil and gas market, has been able to deliver double digit revenue and profit growth, as well as geographical expansion, through bolt-on acquisitions and organic growth, and the introduction of Group-wide international best practices.
- 19 May 2016:
Cinven completes sale of Prezioso Linjebygg Group to Altrad Group
- 17 March 2016:
Cinven in exclusive negotiations to sell Prezioso to Altrad
- 25 June 2012:
Cinven invests in Prezioso