Pelican Energy Partners has acquired United Services Group (USG), a specialty contractor providing welding, machining, and fabrication services.
USG operates through two divisions: United Energy Services, which serves non-union projects, and United Technical Services, which handles union-based work. USG’s customers include power generation facilities—such as nuclear, fossil fuel, natural gas, and solar—along with refineries, petrochemical plants, and industrial facilities requiring welding and machining services for maintenance and new construction.
USG was founded by CEO Stephen Gillman and is headquartered in Charlotte, North Carolina.
“The USG team is thrilled to partner with Pelican Energy Partners as we begin the next chapter of USG,” said Mr. Gillman. “We look forward to working with Pelican’s team and utilizing its expertise in operating and growing businesses in the energy services industry.”
“Our investment in USG reflects our continued commitment to investing across the energy services sector,” said Mike Scott, a managing partner and founder of Pelican Energy. “We are excited to partner with USG as they continue to deliver exceptional value for their customers and employees in a critical area within the energy services value chain.”
Houston-headquartered Pelican Energy Partners makes equity investments in small to middle-market energy services and equipment companies operating in the oil, gas, and nuclear energy sectors. These target companies typically have EBITDA ranging from $1 million to $15 million. Since founding in 2012, the firm has raised three funds totaling $563 million in capital and investing in 25 platform companies.
Boston-headquartered investment bank Capstone Partners was the financial advisor to USG on this transaction. “We have witnessed the remarkable success of United Services Group over the past decade. The team is composed of highly skilled tradesmen, and the business is best-in-class at sourcing top-tier talent for onsite welding and heat-treating services,” said Ted Polk, a managing director and co-head of the industrial investment banking group at Capstone. “It was a privilege to represent the two owners of this business.”
Capstone Partners provides investment banking services, including M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions, and financial advisory services. Capstone was acquired by Huntington Bancshares in June 2022 and has more than 175 employees.
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