Maxim Partners has acquired Pipe Maintenance Inc., a Texas-based provider of inspection, repair, maintenance and asset management services for oilfield services companies and drilling contractors. Terms of the deal were not released. Maxim is a Chicago-based private equity firm.
Maxim Partners, LLC announced the acquisition of Pipe Maintenance, Inc. (“PMI” or the “Company”) in partnership with management. Senior credit facilities were provided by Cadence Bank, N.A. through its energy services team led by Ross Bartley.
Based in Kilgore, Texas, PMI is a leading provider of inspection, repair, maintenance and asset management services for oil country tubular goods and down-hole tools. Customers include oilfield services companies, drilling contractors and E&P companies.
PMI continues to operate under the leadership of founders Chris Geddie, Tom Akins and Mike White and welcomes the addition of Curtis Crane as CFO. The Company has appointed Sealy Morris, President of Rotary Drilling Tools USA, LP, and K. Rick Turner, former Senior Managing Director and head of private equity for The Stephens Group, to its new Board of Directors.
“Pipe Maintenance is highly enthusiastic about partnering with Maxim. The recapitalization accelerates our efforts to become a global industry leader through key acquisitions of like-minded companies, targeted geographic expansion and the introduction of new technologies and services,” stated Chris Geddie, co-founder of PMI. “At the same time, our customers can expect to receive the same high quality, 24/7 service they have been accustomed to since our founding in 1998.”
Ryan Franco, partner and Co-Founder of Maxim, commented “PMI’s customer service culture, record of profitable growth, and industry relationships serve as a strong foundation for a buy-and-build platform. Maxim and the Board will support PMI’s entrepreneurial vision with patient capital, strategic guidance, business development resources and sharing of operational best practices. We are thrilled to partner with PMI’s founders to generate a successful long-term outcome for all of the Company’s constituents.”
Terms of the transaction were not disclosed. Any questions regarding the transaction or Maxim’s energy investment practice should be directed to Ryan Franco or Derek Ferguson at (630) 206-4040.
About Pipe Maintenance, Inc.
To learn more about PMI and its new oilfield lifecycle tubular management system, please visit www.pipemaintenanceus.com and www.tubularid.com, respectively.
About Maxim Partners, LLC
Founded in 1991, Maxim is a Chicago-based private equity firm dedicated to lower middle-market private growth companies in the Education, Environmental, Energy and Wellness industries. Maxim’s deep sector knowledge, extensive networks of relationships, and proprietary methods for growth allow it to generate significant incremental value beyond mere financial capital.