Pipeline

Tulsa-based Argonaut Private Equity completes sale of pipeline contractor in Northeast-Appalachian region | Business News

Tulsa-based Argonaut Private Equity has announced it has completed the sale of Otis Eastern Service, a leading contractor of pipelines for midstream and utility companies, to Artera Services, headquartered in Atlanta.

Located in Wellsville, New York, Otis Eastern was founded in 1936 and acquired by the Joyce family in 1981. During the next 33 years, the Joyce family grew Otis Eastern into a best-in-class pipeline contractor throughout the Northeast and Appalachian regions.

In 2014, Argonaut partnered with the Joyce family to facilitate succession planning and expand the management team and back office operations, which were designed to enable the company to efficiently scale to meet growing market demand. This transformation included the promotion of Casey Joyce to president and CEO, becoming the third-generation member of the Joyce family to lead the company.

“The success of Argonaut’s partnership with Otis Eastern speaks to our core focus of working alongside founder and family-owned businesses,” Argonaut CEO Steve Mitchell said in a statement. “We understand the dynamics of closely held companies and the importance of building upon the core foundation of a business. We serve as a strategic partner to management teams to unlock the next phase of growth in a company’s life cycle.”

Founded in 2002, Argonaut is a private equity firm that manages investments across multiple asset classes with $3 billion of capital deployed in direct investments in key industry sectors that include energy services, manufacturing and industrials.

Source Article

Continue Reading

Inland Pipe Rehabilitation Announces the Acquisition of Murphy Pipeline Contractors

NEW YORK, Oct. 1, 2020 /PRNewswire/ — Inland Pipe Rehabilitation (“IPR”), a portfolio company of an investment affiliate of J.F. Lehman & Company (“JFLCO”), announced today the completion of the acquisition of Murphy Pipeline Contractors (“Murphy”).

J.F. Lehman & Company logo. (PRNewsFoto/J.F. Lehman & Company) (PRNewsfoto/J.F. Lehman & Company)
J.F. Lehman & Company logo. (PRNewsFoto/J.F. Lehman & Company) (PRNewsfoto/J.F. Lehman & Company)

Founded in 1973, IPR is a leading provider of trenchless pipe rehabilitation solutions and technology to the municipal wastewater and storm water markets. The company’s technologies and services provide government customers with minimally disruptive, cost-effective solutions to manage aging underground pipe infrastructure.

Murphy Pipeline Contractors provides unique trenchless rehabilitation solutions for the municipal potable water and wastewater markets. With a 21-year track record of success, Murphy provides its customers with specialized capabilities, including its branded CompressionFit solution and pre-chlorinated pipe bursting.

Rob McCrae, Chief Executive Officer of IPR, commented, “We are excited to partner with the Murphy team and provide our customers with a combined set of capabilities unmatched across our industry. The business is highly-complementary to our existing operations, and we are excited to welcome the Murphy team to IPR.”

Andy Mayer, Founder and President of Murphy, added “IPR is the ideal partner for Murphy as we continue to bring our capabilities across the United States. Our shared commitment to technology leadership will allow the combined company to best serve our customers’ needs.”

“This is a unique opportunity to combine IPR’s strength in the wastewater and storm water markets with Murphy’s potable water expertise,” said Glenn Shor, Chairman of IPR and Partner at JFLCO. “This acquisition continues our strategy to support IPR’s industry leadership through organic initiatives and strategic M&A,” added David Thomas, Principal at JFLCO.

Shearman & Sterling and Jones Day provided legal counsel to IPR and JFLCO. BDO Capital Advisors served as

Continue Reading