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Mustang acquired a majority stake in ISI Solutions for an initial consideration of $5.2 million. ISI Solutions provides automation and control engineering, and consulting services to the oil and gas, power and pipeline industries in Latin America. The gross assets of ISI were $8.5 million as of Dec. 31, 2010.
ISI, which will be rebranded ISI Mustang, has approximately 240 employees in six countries: Argentina, Bolivia, Chile, Colombia, Mexico and Peru. ISI Mustang will operate within Mustang’s Automation and Control (MAC) business and will continue to be led by Pedro Santamaria and its existing management team.