Today, Nautic Partners LLC announced that it teamed up with the management of Applied Consultants, Inc to acquire Applied Consultants. The financial conditions of the deal weren't disclosed. Fifth Third Bank and Triangle Capital Corporation would provide financing.
Nautic was a private equity firm with up to US$2.5 billion of assets under management. Conversely, Applied was a primary provider of inspection services. The industry of oil and gas infrastructure was able to benefit from the Longview, Texas-based company.
Applied offered a broad array of services on pipelines, compressor locations and processing facilities utilized in the oil and gas transfer. Inspection services were vital in the making of pipeline infrastructure because they were demanded by regulation. Also, they played a relevant role in preventing difficulties that could be expensive for a company.
"Applied has been able to grow its business every year since it was founded 22 years ago," Nautic's managing director, Doug Hill, said. "That's a testament to the strength of the Applied management team and their focus on always putting the customer first. We think Applied will continue to thrive, as the surge in US energy development continues to demand the build-out of new pipeline infrastructure to support increased production."
"We are very pleased to partner with Nautic and look forward to their strategic and financial support," Matthew Cheney, Applied's CEO, stated. "I am confident we are entering an exciting new chapter for Applied, which should see significant growth and further success in the years to come."
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