CapStreet’s Plant Maintenance Services and Thorpe Specialty Services merge

CapStreet portfolio companies Plant Maintenance Services and Thorpe Specialty Services are to merge. The combined company will operate out of 12 branches located in five states (Texas, Louisiana, Arkansas, Alabama and Iowa).

PRESS RELEASE

Plant Maintenance Services and Thorpe Specialty Services announced today it has completed an agreement to merge the two companies. The combined company operates out of 12 branches located in five states (Texas, Louisiana, Arkansas, Alabama and Iowa). The transaction will unite each company’s strengths in order to provide clients with turnkey services for major industrial projects.

“After significant due diligence, the leadership teams of Thorpe Specialty Services and Plant Maintenance Services concluded that a combination of the two companies leads to a much stronger organization. We are now a united company that is able to better respond to our customers’ needs”

Plant Maintenance Services has a reputation as an outstanding provider of fiberglass piping, tanks and multiple corrosion products and services, while Thorpe Specialty Services’s strengths lie in the engineering, design and installation of refractory and acid resistant linings, fabrication of fiber module systems and insulation services.

Tom Burns of Thorpe Specialty Services has been named CEO of the merged company. Jeff Beetz, Jeffrey Duncombe, Greg Geisen and John Schultz will also retain senior leadership positions.

“After significant due diligence, the leadership teams of Thorpe Specialty Services and Plant Maintenance Services concluded that a combination of the two companies leads to a much stronger organization. We are now a united company that is able to better respond to our customers’ needs,” said Tom Burns, CEO of the newly merged company. “Our complementary skills and knowledge enable us to expand our service offerings to our existing and new customers, while supporting organic growth opportunities.”

“In today’s tight labor market, particularly along the Gulf Coast, this merger allows us to share more than 900 craftsmen and more than 3,000 field employees. Combined, we will be able to attract and retain a more diverse workforce and multi-skilled craftsmen. Ultimately, this will allow us to better serve our customers’ needs, which is always our foremost priority,” added Jeffrey Duncombe of Plant Maintenance Services.

For the near future, the companies will continue to operate under the Plant Maintenance Services and Thorpe Specialty Services names.

Plant Maintenance Services and Thorpe Specialty Services are portfolio companies of The CapStreet Group (capstreet.com). CapStreet is a Houston-based private equity firm that invests in growing middle market companies in Texas and other Sunbelt states and partners with management to accelerate growth and improve profitability. CapStreet made its initial investment in Plant Maintenance Services in 2013 and in Thorpe Specialty Services in 2010.

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