Pelican Energy Partners has acquired MillenniTek, a maker of ceramic materials used in the nuclear energy industry.
MillenniTek operates through two divisions – technical ceramic manufacturing and rapid prototyping. The company’s high-temperature ceramic components include casting crucibles used for air and vacuum induction melting of superalloys, boron carbide neutron absorbers used in fuel control rods, and zirconia nozzles used in powdered metals applications.
MillenniTek’s rapid prototyping services have material capabilities that include resins, plastic, nylon wax, and ceramics. The company also supplies vacuum casting machines, vacuum mixers, industrial ovens, and castable consumables.
MillenniTek was founded in 2010 through a management buy-out of Millennium Materials from Dyson Group, a UK-based maker of advanced materials. Today, the company is led by CEO Steve Getley and is headquartered in Knoxville, Tennessee.
Post-closing, Mr. Getley will continue to lead MillenniTek and will retain a significant ownership interest in the business. “MillenniTek’s partnership with Pelican comes at a pivotal moment as we explore new avenues for growth,” said Mr. Getley. “Pelican’s dedication to the nuclear energy sector and their leadership’s extensive experience in operating and scaling businesses make them the perfect partner for MillenniTek.”
“Pelican is excited to partner with MillenniTek’s exceptional management team,” said Walter Weathers, a managing director of Pelican. “The company is highly regarded within the nuclear supply chain, and well positioned to continue its trajectory as a market leader. Moreover, this investment marks our second within the Knoxville area in the past eight months. We aim to drive growth and create new jobs in Tennessee, reinforcing the state’s enduring commitment to nuclear energy.”
Pelican Energy Partners makes equity investments in small to middle-market companies that operate within the oil, gas, and nuclear energy sectors. These target companies typically have EBITDA ranging from $1 million to $15 million. Headquartered in Houston, the firm was founded in 2012 by Managing Partner Mike Scott. Since its inception, the firm has raised 3 funds with a combined $563 million in capital and has invested in 25 platform companies.
© 2024 Private Equity Professional | July 30, 2024
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