Strategic acquisition in wind services
Strategic acquisition in wind servicesM&A /CORP. ACTION
Dolfines kicks off its five-year strategy plan with the potential acquisition of a wind services company (8.2 France). After a Memorandum of Understanding signed last year with 8.2 France, Dolfines confirms its intention to expand its services offering in renewables. All in all, a positive development that will accelerate Dolfines’ transition.
FACT
Dolfines in exclusive discussions for the acquisition of 8.2 France
8.2 France:
Sales of €1.8m in 2020, +16% yoy
Technical team: 9 employees
Advisory team: 10 employees
More than 5,000 blades inspected since 2012
Transaction to close in early July
ANALYSIS
With €1.8m of sales in 2020 (+16% yoy), the new wind services division will be a strong contributor to Dolfines. As we expect 8.2 France to perform recurring activities around the lifetime of the wind turbine (e.g. technical inspection of rotor blades), this will also help in mitigating the volatile oil & gas environment.
The press release mentions a strategic fit, which seems already to be yielding positive results. In February, 8.2 France started a three-year contract for an offshore wind farm (Parc éolien de Guérande, Saint-Nazaire), possibly leveraging on the partnership with Dolfines, as this was 8.2 France’s first contract in offshore wind.
IMPACT
We will adjust our model after the closing of the transaction in H2.
Dietswell. Dietswell SA is a France-based company that provides drilling operation management services for the oil industry. The Company specializes in the design, drilling, work-over and completion engineering. It offers well engineering services, such as well engineering, preparation and evaluation of tenders, offset wells reviews; drilling project management, management of the stock of spare parts, supply of communications and logistic support, among others; drilling contracting; rig design and contracting, which designs, constructs and refurbish rigs; rig inspection and audits, which provide customized inspection and audit services; and provision of technical assistance. Dietswell SA principally provides its services to ageing oilfields that need updating, or that need to be decommissioned in an environmentally friendly manner. The Company holds stakes in two companies: Dolfines Logistique and Feumag Holding Company Limited. In October 2013, it announced the creation of Dietswell Brazil.
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