Brand gets new private equity owner

Paul Wood will remain president and chief executive officer of Brand, and the company said its current senior management team will remain in place.

“This is a tremendous opportunity for our business and employees to partner with First Reserve in the next phase of Brand's evolution,” said Mr Wood. “We have successfully executed our business strategy over the last few years thanks to tireless work by our employees and loyal support from our customers. We look forward to working with our new owners to continue to build Brand into one of the strongest energy and industrial service providers in the world”

Brand is one of the world's biggest scaffolding services companies, and also owns Aluma Systems, the concrete forming and shoring services company. Brand acquired Interstate Scaffolding in the US last October. The company provides scaffolding services for the industrial sector, and its services in the commercial market primarily serve non–residential construction and renovation markets

The deal is subject to the usual regulatory approval and closing conditions