Keystone Capital has sold its portfolio company Eagleton Engineering to Jacobs Engineering Group.
Eagleton Engineering provides planning, design, and construction services for transportation systems and facilities used in natural gas and gas liquids, petrochemicals, carbon dioxide, other industrial gases and crude oil. Typical projects include pipelines, terminals, compressor and pump stations, oil and gas production and processing facilities, and slug catchers. The company has approximately 130 employees and is headquartered in Houston with an additional office in Denver (www.eagletoninc.com).
Keystone acquired Eagleton Engineering in December 2011 from Babcock International Group. During the course of its investment, Keystone and management recruited additional management, executed meaningful project activity, grew the business by almost 100%, and opened an office in Denver to service the Rocky Mountain region.
“Our partnership with Keystone was extremely successful and allowed us to grow the business significantly and operate with the entrepreneurial spirit,” said Eagleton CEO Duain Cagle.
Keystone Capital invests in middle market companies with EBITDAs of $3 million to $15 million that are market leaders in niche, mature industries. Sectors of interest include niche manufacturing, industrial technology, food products and packaging, healthcare products and services, business and professional services. Keystone Capital manages in excess of $200 million in investment capital and is based in Chicago (www.keystonecapital.com).
“Although we predict continued upside for Eagleton due to strong end market fundamentals in the oil and gas midstream infrastructure industry, Eagleton is strategic to the Jacobs organization and is expected to effectively supplement their aggressive growth plans,” said Scott Gwilliam, Managing Director, Keystone Capital. “It was a pleasure to work with Jacobs in this transaction, and we have no doubt that the company is in good hands. We wish our management team, employees and the Jacobs organization continued success in the future.”
Jacobs Engineering Group is an engineering, architecture, and construction firm with offices located around the world. The company has 60,000 employees and in 2013 had revenues of more than $11 billion. The company is headquartered in Pasadena, CA (www.jacobs.com).
The existing management team of Eagleton, including CEO Duain Cagle, will join Jacobs.
© 2014 PEPD • Private Equity’s Leading News Magazine • 2-14-14
