Perennial Environmental Services Has Been Acquired by Applied-Cleveland Holdings
HOUSTON - February 28, 2018 - GulfStar Group ("GulfStar"), a leading middle market investment bank headquartered in Houston, is pleased to announce the acquisition of Perennial Environmental Services, LLC ("Perennial" or the "Company"), by Applied-Cleveland Holdings, Inc. ("Applied-Cleveland"), a portfolio company of First Reserve. GulfStar served as the exclusive financial advisor to Perennial throughout the transaction, which closed on February 16, 2018.
Perennial, a provider of environmental consulting and inspection services, specializes in the preparation of environmental documents that comply with the National Environmental Policy Act (NEPA) and other federal, state, and local environmental laws and regulations. The Company's capabilities include complete surveys and evaluations for biological and physical resources, cultural resources, and other environmental studies and inspections essential to ensuring environmental compliance. Perennial's team of biologists, scientists, toxicologists, and environmental professionals provides technical environmental solutions and management with fresh perspectives and unparalleled efficiency.
"Over the past 13 years, Perennial has been proud to partner with some of the largest oil and gas operators to help solve their most complex environmental permitting challenges. Looking forward, the combination with Applied-Cleveland enables us to continue providing these value added services and to offer our employees enhanced opportunities for growth and advancement," said Dennis Woods and Dave Beckmeyer, Co-Presidents of Perennial. "This transaction is an important strategic milestone for Perennial, and we are grateful for the guidance that the GulfStar team provided over the course of this transaction."
Applied-Cleveland, a leading provider of inspection and integrity management services for energy infrastructure assets in North America, is a portfolio company of First Reserve, a global private equity investment firm exclusively focused on energy. Applied-Cleveland offers third party inspection services for the maintenance of oil and natural gas transmission, distribution, midstream and gathering lines, and other critical infrastructure. Other infrastructure includes refinery, power plant, compressor and pump stations, and mechanical integrity projects. Applied-Cleveland provides the most experienced, qualified, and highest integrity technical and project management resources in the industry. Applied-Cleveland also offers complementary, specialized nondestructive and qualification services across the entire spectrum of the industry.
"It was an honor to work with the talented management team at Perennial and help our client achieve the best outcome for their business and employees," said Colt Luedde, Managing Director at GulfStar. "Perennial has a deeply rooted culture of excellence, customer service and integrity, and we believe that this will continue in their new partnership with Applied-Cleveland. We wish Dennis and Dave continued success with the business."
The GulfStar transaction team consisted of Managing Director Colt Luedde along with Vice Presidents Ben Stanton and Charles Craig and Analyst David Lutito.
For additional information, email email@example.com or call 713-300-2015.
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 670 transactions in 34 states and 16 foreign countries across a variety of industries.