Thorpe Specialty Services Corp, a portfolio company of U.S. private equity firm CapStreet Group, said Monday that it has acquired the assets of Clayburn Refractories Ltd. No financial terms were disclosed for the transaction. With offices in Abbotsford, British Columbia, and in Edmonton, Calgary and Fort McMurray, Alberta, Clayburn Refractories is a provider of corrosion and refractory services. Update: The deal is the first international acquisition of the Houston, Texas-based Thorpe, which received its initial investment from CapStreet in 2010.
HOUSTON–(BUSINESS WIRE)–Thorpe Specialty Services announced today the asset acquisition of Clayburn Refractories Limited (Clayburn Refractories), a Western Canada-based provider of corrosion and refractory services. This transaction is Thorpe’s first international acquisition and expands Thorpe’s geographic footprint beyond Texas, Louisiana, Arkansas, Alabama and Iowa.
Houston-based Thorpe Specialty Services recently merged with Plant Maintenance Services to offer customers a full range of industrial services, including fiberglass piping, tanks, multiple corrosion products, engineered and designed refractory and acid resistant linings, plus fiber module system fabrication. The merged company is continuing to operate under the Thorpe Specialty Services and Plant Maintenance Services names for the near term. Clayburn Refractories provides Western Canadian industrial operations with corrosion and refractory supply, installation and design services. The company has a broad base of clients and business throughout the provinces of British Columbia, Alberta and Saskatchewan.
“We have been eager to participate in the growth happening in Western Canada, but we knew it was important to wait for the right opportunity to enter this market – Clayburn Refractories, with 40 years of experience, is that perfect fit,” said Tom Burns, CEO of Thorpe Specialty Services/Plant Maintenance Services. “Clayburn has a great team in place, strong customer relationships and an excellent reputation for refractory and corrosion capabilities, so we are thrilled to have them as part of our team.”
“Clayburn considered several buy out offers, and ultimately, we chose Thorpe because we have confidence that they will take great care of our customers and employees,” said David Lane, Clayburn Refractories, president and CEO. All Clayburn Refractories staff and field leadership will be retained, and the company will continue to operate under the Clayburn Refractories name. Burns also adds that Thorpe is looking forward to future investments in Canada and will pursue additional add-on acquisition and merger opportunities.
Thorpe Specialty Services/Plant Maintenance Services is a portfolio company of the CapStreet Group (www.capstreet.com), a private equity firm that invests in owner-managed, lower middle market companies headquartered in Texas and surrounding states, with a particular emphasis on companies headquartered in the greater Houston area. CapStreet targets companies operating in the industrial distribution, industrial manufacturing and business service sectors and partners with management to accelerate growth and improve profitability.
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