Excelsior has new parent, but keeps name, office
Venezuelan buyer has engineering sector experience
AVenezuelan engineering and construction company announced Monday it is taking over Excelsior Engineering Ltd., but will allow it to continue to operate under its own name from its Calgary head office.
Vepica Grupo Internacional said in a news release Monday that it had purchased a “controlling” interest in Excelsior through its Canadian subsidiary.
No purchase price was revealed, nor did the release say how big Vepica’s share will be.
“This is a fantastic opportunity for both to undertake new projects both in Canada and around the world,” said Miguel Bocco Jr., chairman of Vepica, in the statement.
“Vepica brings to Excelsior a massive amount of oil and gas expertise as well as power generation and infrastructure experience and Excelsior comes in with an impressive experience and reputation in the execution of upstream projects in Canada.”
On its website, Excelsior lists a series of pipeline, compressor station, gas plant and oil battery projects it has completed.
Vepica’s website lists oil, gas, chemical and petrochemical projects, including refining, crude upgrading, oil facilities, process and compression of gas, pipelines, and distribution and storage of hydrocarbons.
“Vepica is just the relationship Excelsior has been looking for to bridge the gap between its strength in streamlined project execution and the ability to transition into a broader base of opportunities for continued professional growth and development,” said Excelsior president Daniel Clarke in the same news release.
Both Clarke and chief executive Ali Derakhshan were in Venezuela Monday and unavailable for comment.
Vepica is a 40-year-old company with more than 1,000 employees and offices in Venezuela, Colombia, Argentina, United States and Canada. Excelsior is a 10-year-old engineering, procurement and construction management firm with nearly 100 staff, it said.