Bolttech Mannings, a portfolio company of Grey Mountain Partners, has acquired Red Flame Industries, a provider of inspection and other services to the oil and gas industry.
Red Flame provides plant, pipeline, and engineering and certification services for the oil, gas, petrochemical, and renewable resource industries. Services include equipment inspection, certification, specialty mechanical services, data management, and non-destructive testing. The company is based in Red Deer, Alberta (redflameindustries.com).
Bolttech Mannings provides maintenance and emergency joint integrity services in the power generation, refinery, and petrochemical markets. The company has 24 field offices located throughout the US and is headquartered in New Versailles, PA (www.bolttech.com).
The acquisition of Red Flame provides Bolttech Mannings with access to the Canadian market, a new service line, and differentiated technology. “Red Flame is a natural fit with Bolttech Mannings. Not only do the companies provide complementary services within the same industries, but we also share the same core values of focusing on customer needs, worker safety, and quality work,” said Ed Komoski, CEO of Bolttech Mannings.
Grey Mountain Partners is actively seeking add-on acquisitions for Bolttech Mannings. Targets would include companies that provide bolting, heat treating, hot tapping, non-destructive testing, and other niche services to the oil, gas, petrochemical, power generation, and refinery industries.
Grey Mountain Partners invests in middle market companies with enterprise values between $30 million and $150 million. The firm invests up to $75 million in control acquisitions across a range of industries. Grey Mountain is currently investing from its second fund, Grey Mountain Partners Fund II, LP. The firm was founded in 2003 and is based in Boulder, CO (www.greymountain.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 5-30-13
