Axios Industrial Group LLC, which is backed by White Deer Energy and A&L Industrial Services, which is backed by Hastings Equity Partners, have agreed to merge. No financial terms were disclosed. Axios and A&L offer scaffolding, insulation, painting, coating and liners, sandblasting, heat tracing, fireproofing and other soft craft services.
PRESS RELEASE
THE WOODLANDS, Texas, June 10, 2020 /PRNewswire/ — AXIOS Industrial Group LLC and A&L Industrial Services are pleased to jointly announce that effective June 5, 2020, the two companies have reached an agreement to merge. The combined company will operate under the name AXIOS.
This is a merger of two highly complementary companies, which offer scaffolding, insulation, painting, coating and liners, sandblasting, heat tracing, fireproofing and other soft craft services to industrial clients across industries, including oil and gas, chemical, agricultural, pharmaceutical, and pulp and paper. Both AXIOS and A&L Industrial Services have decades of experience and a track record of success built through exceptional customer service and project execution and an exemplary safety record. The combined company has a strong capital base and is well positioned to serve clients and accelerate growth with greater scale.
“This merger of AXIOS and A&L has the right mix of similarities and differences. We have essentially the same product and service offerings in the same geographic markets, with different customer bases and industry segment strengths. Combined, we will offer our clients even greater service, expertise and efficiency,” said Joe Compofelice, AXIOS Chairman and CEO.
So far in 2020, and despite the pandemic, the combined company has been awarded more than $50 million of new business in the oil and gas, chemical, agricultural and pharmaceutical segments. Awards include a multimillion-dollar, three-year service contract for a major pharmaceutical company in Pennsylvania.
White Deer Energy, the former controlling shareholder of AXIOS, and Hastings Equity Partners, the former controlling shareholder of A&L Industrial Services, will continue as the majority shareholders of the combined entity.
Vinson & Elkins LLP served as legal counsel for AXIOS and White Deer Energy. Locke Lord LLP served as the legal counsel for A&L Industrial Services and Hastings Equity Partners.
ABOUT AXIOS INDUSTRIAL GROUP
Delivering comprehensive, innovative solutions to the industrial sector for more than 54 years, AXIOS and A&L Industrial Services are leading providers of industrial scaffolding, insulation, coatings and other specialty service solutions for turnarounds, capital projects and routine maintenance. By combining unparalleled expertise with leading-edge technology, the company consistently maximizes value for customers seeking comprehensive industrial services.
Headquartered in The Woodlands, Texas, AXIOS maintains offices and operations throughout the US.
For more information, visit www.axiosindustrial.com or email info@axiosindustrial.com.
ABOUT WHITE DEER ENERGY
White Deer Energy is a private equity firm with investments in oil and gas exploration and production, oilfield service and equipment manufacturing and the midstream sectors of the energy business and industrial service industry and is based in Houston, Texas. White Deer’s investment strategy is to partner with talented management teams and build successful companies. For more information, visit www.whitedeerenergy.com.
ABOUT HASTINGS EQUITY PARTNERS
Hastings Equity Partners is a lower middle market buyout firm that provides first institutional capital to founders of businesses serving high-growth end markets within infrastructure and industrial services. With extensive financial and operational expertise, Hastings has a track record of helping businesses grow rapidly and responsibly. For more information, visit www.hastingsequity.com.
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