Southwest Meridian Corporation Has Been Acquired by Apache Industrial Services
HOUSTON, February 5, 2013 - GulfStar Group, Inc. ("GulfStar") is pleased to announce the sale of Southwest Meridian Corporation ("SWM" or the "Company") and its operating subsidiaries, Industrial Gunite, Inc. and Gulf Coast Gunite, Inc., to Apache Industrial Services ("Apache"), a portfolio company of 2SV Capital and Tuckerman Capital. GulfStar served as exclusive financial advisor to SWM throughout the transaction, which closed on December 28, 2012.
SWM is a leading provider of construction, maintenance and repair services for the petrochemical, chemical, refining and power industries in the Gulf Coast region. Headquartered near Houston, Texas, the Company specializes in providing refractory, fireproofing, acid and corrosion resistant linings and coatings, grouting and other maintenance services.
"We are pleased to combine our operations with those of Apache to offer our combined clients a wider array of high quality services," said Bob Ferguson, President and CEO of SWM. "The GulfStar team was instrumental in helping us navigate the complex and new process of selling our family business. Their experience and support from start to finish were essential to closing our transaction," said Bill Ferguson, Vice President of SWM.
Apache provides a wide range of industrial services primarily to the energy sector. Their services include various industrial coating applications and solutions, fireproofing, metalizing, insulation, scaffolding, power and petrochemical plant maintenance and tank and pipe painting and lining.
"SWM brings new refractory capabilities, veteran management, a stellar safety and quality track-record, and a like-minded business philosophy to the Apache organization," said Michael Knigin, CEO of Apache. "We are all excited to be part of the same team going forward."
The GulfStar team included Managing Director Cliff Atherton, Senior Vice President Pam Reiland, Associate Robert Bryan and Analyst Caroline Incavo. "We were proud to represent SWM in its sale to Apache, which resulted in the transition of a highly successful family business to a broader operating platform," said Atherton. "Bob Ferguson and Bill Ferguson will bring their decades of experience in the refinery and petrochemical industries to Apache's executive team, and we look forward to following Apache's future progress."
About 2SV Capital
2SV Capital is a private equity investment firm focused on building mid-market companies into world class leaders. Apache and Southwest Meridian are a great example of this type of transformation. Apache has tripled in size to well over $100 million in revenues since 2SV's investment and partnership with management. Equally important, Apache has established itself as an innovator in safety, efficiency and quality; absolutely critical success factors in the energy services industry. More information is available at www.2svcapital.com.
About Tuckerman Capital
Tuckerman Capital is an investment firm that invests in niche manufacturing and industrial service companies. Based in Hanover, NH and founded in 2001, Tuckerman Capital invests across the capital structure of its portfolio companies in partnership with other private equity investors and operating executives.
About GulfStar Group
GulfStar is a leading middle market investment and merchant bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed over 575 transactions in more than 30 states and seven foreign countries across a variety of industries. Through its merchant banking affiliate, the firm also makes equity and subordinated debt co-investments.
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