North American Energy Partners (NAEP) (NOA-T, NOA-N) has bought Calgary-based Cyntech, a designer and manufacturer of screw piles and pipeline anchoring systems and a provider of tank maintenance services to the petrochemical industry.
“Cyntech represents a uniquely synergistic acquisition opportunity,” said Rod Ruston, president and CEO of NAEP.
“With one transaction, we are adding new capabilities that complement our existing service offering, increase our recurring services revenue stream and expand our reach into international markets.”
The transaction expands the company’s screw piling capabilities, positioning NAEP’s piling division to compete more effectively on steam-assisted gravity drainage oilsands and power transmission construction projects. Cyntech custom designs and manufactures screw piles at its facilities in Calgary and Houston, Texas.
The acquisition also complements NAEP’s pipeline construction services with the addition of expertise in pipeline anchoring systems.
Cyntech’s proprietary anchoring system is a cost-effective alternative to the concrete weights traditionally used to anchor pipelines in unstable ground conditions.
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