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.
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