DECEMBER 1, 2021 | PRESS RELEASE https://www.architectequity.com/news/timec
LOS ANGELES, December 1, 2021 - Architect Equity (“Architect”) announced today that it has acquired Timec Oil & Gas, Inc. (“Timec”) from Ferrovial Services North America (“FSNA”), a division of Ferrovial S.A. Timec is a leading provider of maintenance, turnaround, and construction services to a range of customers in the energy sector.
Timec has over 50 years of experience in mechanical services, specialized welding, repair, and inspection at high temperatures and in support services to oil production, through maintenance, repair, and construction services. Headquartered in Texas, the company has continuous operating bases in California, the Pacific Northwest, Mid-Continent, Rocky Mountains, and the Gulf Coast, and has maintained a market-leading position as a turnkey, full-service general contractor. Some of Timec’s blue-chip clients include Chevron, Shell, Valero, ExxonMobil and PBF Energy.
Dionisio Lucchesi, Managing Director of Architect Equity, said, “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. 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.”
“Timec represents another opportunity that fits well with Architect’s investment thesis of acquiring an established business with unique service capabilities, a blue-chip customer base that can scale significantly with existing resources, and large addressable end markets to fuel future growth,” added Eric Luoma, Principal at Architect Equity.
“The Timec team is excited by the Architect Equity acquisition” says Jim Price, President of Timec Oil & Gas. He adds, “Architect is a great fit to support Timec - they are a very experienced team with both investing and operating backgrounds and are excited to work with Timec to be positioned to provide stronger, efficient service that our clients expect. Of upmost importance is that Timec will continue to be known as the safe employer of choice for staff and craft to execute complex projects for our valued clients throughout North America.”
“The leadership team of Timec has developed a significant amount of domain knowledge from operating in the industry over an extensive period of time, which is a real differentiator when mission critical projects require best-in-class teams with deep domain expertise,” said Lisa Bahash, Principal and Operating Partner at Architect Equity.
The acquisition of Timec marks the sixth platform acquisition by Architect since its inception and its third cross-border, corporate divestiture transaction in the last 18 months.
About Timec Oil & Gas, Inc.
Timec is a leading provider of maintenance and turnaround services to petroleum refining, petrochemical, and heavy industrial processing facilities. The company is headquartered in Houston, Texas with a network of operating locations in California, the Rocky Mountains and North Dakota. Timec provides the full spectrum of mechanical, specialty welding, high-temperature repair, and inspection (HRI), and upstream oil-field services through nested maintenance, turnaround, or construction services.
To learn more about Timec, please visit www.timec.com.
About Ferrovial S.A.
Ferrovial, a leading global infrastructure operator, is committed to developing sustainable solutions. It is a member of Spain’s blue-chip IBEX 35 index and included in the Dow Jones Sustainability Index and FTSE4Good; all of its operations are conducted in compliance with the principles of the UN Global Compact, which the company adopted in 2002.
To learn more about Ferrovial, please visit www.ferrovial.com.
About Architect Equity
Established in 2018 by Jay Yook and Dionisio Lucchesi, Architect Equity is an evergreen investment fund focused on acquiring and managing businesses in the lower middle market. The firm pursues companies that exhibit the opportunity for improvement and growth and can benefit from Architect’s capital base, industry relationships and operational resources. Architect Equity is comprised of a team of investors and operators who have over 100 years of combined experience in successfully acquiring and managing companies across a range of industries and market cycles.
To learn more about Architect Equity, please visit www.architectequity.com.