Fluor sells Ameco North America for $73m
By Belinda Smart04 May 2021
Fluor Corp has sold the North American arm of its AMECO rental business to One Equity Partners (OEP) for US$73 million (€61 million). The deal will see the return to the business of Gary Bernardez as CEO. Bernardez led AMECO from 2001 to 2012.
Fluor announced plans to divest AMECO in September 2019, and sold the AMECO Caribbean business in Jamaica in August last year. It said it was “actively marketing” its remaining AMECO South America and ServiTrade Mozambique operations.
Bernardez said; “We’re excited about our partnership with OEP, a firm with an excellent reputation and proven experience in building industrial services businesses into market leaders.
“We are looking forward to leveraging AMECO’s significant experience on construction sites and operating facilities to more broadly serve the market as we transition to an independently-operated business.”
Headquartered in Greenville, South Carolina, AMECO offers rental and sales of heavy equipment, tools and vehicles worldwide. It supplies construction support services and fleet management solutions, mainly focused on clients’ capital projects and ongoing operations.
The company’s customers include capital construction project owners, contractors and facility operators in the chemical, power, energy, life sciences and manufacturing sectors across the US and Canada.
Joseph Huffsmith, Managing Director, OEP, said the firm was “thrilled to be partnering with Gary and the entire AMECO team on this next phase of the company’s development as an independent entity.
“For over 70 years AMECO has been helping customers manage their most complex equipment and site service needs. Working with the management team, we look forward to building upon that legacy.”
Listed on the New York Stock Exchange, Texas headquartered Fluor had revenues of $15.7 billion in 2020 and is ranked 181 among the Fortune 500 companies.