Odyssey Investment Partners portfolio company Cross-Country Pipeline Supply Co., an equipment and supplies provider to the domestic oil and gas pipeline construction industry, has acquired Power Associates International, a hydrostatic equipment provider to the pipeline market. Financial terms were not disclosed.
Cross-Country Pipeline Supply Co., Inc. (“Cross Country”), a leading equipment and supplies provider to the domestic oil and gas pipeline construction industry, announced today that it has acquired Power Associates International, Inc. (“PAI”), a premier hydrostatic equipment provider to the pipeline market. Cross Country is a portfolio company of Odyssey Investment Partners. Financial terms of the transaction were not disclosed.
Based in Houston, PAI manufactures and assembles hydrostatic testing systems and components that are rented or sold to a range of customers active in the pipeline industry, including contractors, pipeline owners and testing/maintenance firms. PAI maintains a rental fleet of over 370 units and sells newly manufactured products.
Gerry Plescia, CEO of Cross Country, said, “PAI is an important addition to Cross Country as we seek to broaden and deepen our client relationships. PAI diversifies our product offerings and expands our services into the integrity, testing and maintenance market. We are very excited to partner with Jim and the team at PAI to further strengthen the service we provide to our combined client base.”
Jim Hodde, President of PAI, said, “Cross Country is an ideal partner for PAI that will help us to expand our industry-leading position. I am pleased to partner with Gerry and the executive team at Cross Country to build the value of our business and serve the pipeline industry at this exciting time.”
Mr. Hodde and his management team will remain with PAI post closing.
About Cross Country
Cross Country is a leading supplier of equipment and supplies for the oil and gas pipeline industry. The Company is based in Aurora, Colorado, with branches in Pennsylvania and Texas. For more information please visit www.ccpipeline.com.
About Odyssey Investment Partners, LLC
Odyssey Investment Partners, LLC, with offices in New York and Los Angeles, is a leading middle-market private equity firm with approximately $2.5 billion under management. Odyssey Investment Partners primarily makes control investments typically in established middle-market companies in a variety of industries. For further information about Odyssey Investment Partners, please visit www.odysseyinvestment.com. The firm can be reached in New York at 280 Park Avenue, New York, NY 10017 or (212) 351-7900; and in California at 21650 Oxnard Street, Woodland Hills, CA 91367 or (818) 737-1111.