Cross Country Acquires Power Associates International, Inc.
NEW YORK--BUSINESS WIRE--Cross-Country Pipeline Supply Co., Inc. ("Cross Country"), a leading
equipment and supplies provider to the domestic oil and gas pipeline
construction industry, announced today that it has acquired Power
Associates International, Inc. (“PAI”), a premier hydrostatic equipment
provider to the pipeline market. Cross Country is a portfolio company of
Odyssey Investment Partners. Financial terms of the transaction were not
disclosed.
Based in Houston, PAI manufactures and assembles hydrostatic testing
systems and components that are rented or sold to a range of customers
active in the pipeline industry, including contractors, pipeline owners
and testing/maintenance firms. PAI maintains a rental fleet of over 370
units and sells newly manufactured products.
Gerry Plescia, CEO of Cross Country, said, “PAI is an important addition
to Cross Country as we seek to broaden and deepen our client
relationships. PAI diversifies our product offerings and expands our
services into the integrity, testing and maintenance market. We are very
excited to partner with Jim and the team at PAI to further strengthen
the service we provide to our combined client base.”
Jim Hodde, President of PAI, said, “Cross Country is an ideal partner
for PAI that will help us to expand our industry-leading position. I am
pleased to partner with Gerry and the executive team at Cross Country to
build the value of our business and serve the pipeline industry at this
exciting time.”
Mr. Hodde and his management team will remain with PAI post closing.
Cross Country Acquires Sideline Specialty Equipment, LLC
AURORA, Colo., July 6, 2015 /PRNewswire/ -- Cross Country Pipeline Supply Co., Inc. ("Cross Country"), a leading equipment and supplies provider to the domestic oil and gas pipeline construction industry, announced today that it has acquired Sideline Specialty Equipment ("Sideline"). Through the acquisition of Sideline, Cross Country has entered the Canadian market. Financial terms of the transaction were not disclosed.
With offices in Conroe (near Houston), Texas and Spruce Grove (near Edmonton), Alberta, Canada, Sideline is a provider of specialized equipment and support for pipeline projects around the globe. Sideline provides innovative equipment and solutions – often designed and built to meet specific project needs – and services for a wide variety of pipeline projects.
Gerry Plescia, CEO of Cross Country, said, "The acquisition of Sideline to Cross Country is an important strategic initiative as we seek to expand our North American capabilities. The addition of an outstanding Canadian operation will enable us to serve an important energy market. We will also add excellent operations in the critical Houston market, as well as new business development capabilities that will help us to secure new business opportunities worldwide. We are pleased to welcome Bill Marhofer and Tim Martin, and their talented teams, to Cross Country and look forward to working together to build a leading pipeline equipment rental and supply sales company."
Bill Marhofer, President of the Sideline's U.S. operation, and Tim Martin, President of the Canadian operation, will join Cross Country in senior operational and business development roles. Mr. Marhofer and Mr. Martin each have more than 30 years' experience in the pipeline industry.
Mr. Martin said, "Joining Cross Country is an outstanding opportunity for Sideline, our customers and employees. Cross Country is a strong organization, committed to providing the pipeline industry with leading-edge equipment and service. We share a common vision for the future of our business and look forward to working with Gerry and his team to further enhance our customer offering in the exciting Canadian energy market."
Mr. Marhofer added, "The combination of Cross Country and Sideline creates an organization with world-class equipment and service capabilities and operations in leading energy markets. As we move forward as one company, we will be able to offer current and prospective customers in North America and around the world the most comprehensive solutions for their pipeline equipment needs."
About Cross Country
Cross Country is a leading supplier of equipment and supplies for the
oil and gas pipeline industry. The Company is based in Aurora, Colorado,
with branches in Pennsylvania and Texas. For more information please
visit www.ccpipeline.com.
About Odyssey Investment Partners, LLC
Odyssey Investment Partners, LLC, with offices in New York and Los
Angeles, is a leading middle-market private equity firm with
approximately $2.5 billion under management. Odyssey Investment Partners
primarily makes control investments typically in established
middle-market companies in a variety of industries. For further
information about Odyssey Investment Partners, please visit www.odysseyinvestment.com.
The firm can be reached in New York at 280 Park Avenue, New York, NY
10017 or (212) 351-7900; and in California at 21650 Oxnard Street,
Woodland Hills, CA 91367 or (818) 737-1111.
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