Rosen Group, an engineering firm that specializes in testing oil and gas assets, is weighing a potential sale, people with knowledge of the matter said.
Rosen is working with Baird & Co. to gauge the interest of potential suitors, according to the people, who asked not to be identified discussing confidential information. The company generates annual earnings of more than $200 million on revenue of about $750 million and could attract both strategic and private equity bidders, they said.
Discussions are ongoing and there is no certainty they will result in a sale, the people said. A representative for Rosen did not respond to requests for comment. A spokesman for Baird declined to comment.
Founded in the early 1980s, Rosen, based in Stans, Switzerland, designs and manufactures devices to check the integrity of oil and gas assets such as pipelines and storage tanks. It also offers pipe cleaning services. The company employs about 4,000 people and has operations in Europe, the Americas and Asia Pacific, according to its website.
The company’s sale would add about $172 billion in deals to the industrial sector this year, data compiled by Bloomberg show. That’s down more than 40% year-on-year amid the broader decline in global hiring.
