Griffin Dewatering Has Been Acquired by Crossplane Capital

HOUSTON, December 4, 2020 – GulfStar Group (“GulfStar”) is pleased to announce the acquisition of Griffin Dewatering Corporation (“Griffin” or the “Company”), a portfolio company of The CapStreet Group (“CapStreet”), by Crossplane Capital (“Crossplane”). GulfStar served as the exclusive financial advisor to Griffin throughout the transaction, which closed on November 19, 2020.

Founded in 1934 and headquartered in Houston, Texas, Griffin operates out of 11 locations across the country and is a leading provider of groundwater control solutions for large scale civil and infrastructure, industrial, power and commercial construction projects. With a legacy built around complex dewatering services, Griffin offers unique design, engineering, permitting and system installation capabilities with an extensive fleet of specialized pump equipment. Additionally, the Company provides a complete water management solution for its customers with its services, including highly technical water treatment system design, installation and management.

“GulfStar’s sector experience and strategic guidance were instrumental in successfully closing this transaction for our stakeholders. We are extremely pleased and excited to partner with Crossplane as we continue to meet the groundwater control needs of our clients,” said David Singleton, President and CEO of Griffin. “Our team is highly qualified to help clients determine and analyze their groundwater control risks and tailor a solution that effectively controls those risks. We believe teaming with Crossplane allows Griffin to leverage its decades-long experience to continue to own the contract dewatering market, provide market-leading service and grow our water treatment solutions.”

Launched in 2018, Crossplane is a Dallas-based private equity firm that makes control investments in niche manufacturing, value-added distribution and industrial business services companies. The firm seeks to partner with lower-middle market companies to enhance financial performance and generate strategic value creation.

“We appreciated the opportunity to work with Griffin and its CapStreet team on this important transaction,” said Colt Luedde, Managing Director of GulfStar. “This new partnership with Crossplane will position the Company to expand its complex dewatering and water treatment capabilities and to take advantage of the increasing need for water management solutions on large scale infrastructure and commercial construction projects across the United States.”

The GulfStar team was led by Managing Director Colt Luedde along with Senior Vice President Ben Stanton, Vice President Alex Pette, and Analyst MG Jadick.

About GulfStar Group 
GulfStar is a leading middle market investment 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 more than 700 transactions in 35 states and 16 foreign countries across a variety of industries.