Candover, the UK-based buy-out giant, has bought Wellstream, a global pipe manufacturer for the oil and gas sector, in a management buy-in worth €123m ($135.3m).

Wellstream was sold by Halliburton, the US-based oil and gas services giant, as it sheds its non-core assets following asbestos liabilities in the US. Gordon Chapman, a former chief executive of Wellstream, first approached Halliburton a year ago, and later attained backing from Candover.