Hastings Equity Partners has acquired its third investment platform for its fourth fund with the formation of Coyote Industrial Holdings and the acquisitions of Code Red Safety and Critical 2-Way Communications.
Code Red Safety is a provider of safety equipment rental, safety product sales, safety and rescue personnel, and confined space (tanks and vessels where flammable gas and toxic fumes might be present) and high angle rescue training and services. High angle situations involve rescuing injured persons on terrain that has slopes of 60 degrees or greater and involves hoisting victims from one level to another using ropes, pulleys, harnesses, and belay devices. Customers of Code Red Safety are active in the industrial, refining, petrochemical, agricultural, steel and power generation markets.
Most of Code Red’s offices feature training spaces, including classrooms, scaffolding for high angle rescue service training, and containers to simulate situations for training a confined space rescue crew. Founded in 1995, Code Red is headquartered in Hammond, IN with additional offices in St. Louis, MO; Sulphur, LA; Baton Rouge, LA; Houston, TX; Beaumont, TX; and Corpus Christi, TX (www.coderedsafety.com).
Critical 2-Way Communications specializes in the rental of two-way radios to companies operating in the petrochemical industry and to other industries where FM-Approved communications tools are required. The company is headquartered in LaPorte, TX (www.critical2way.com).
“Code Red and Critical 2-Way are a terrific combination,” said Mike Miller, a senior member of Coyote Industrial’s management team. “I am extremely proud of what we are building and our partnership with Hastings will enhance our ability to grow.”
Coyote Industrial is based in Houston and is led by CEO Nick Mowbray. “It’s an exciting time at Coyote,” said Mr. Mowbray. “We have a phenomenal team of managers and employees who are veterans of the industrial safety industry. We have customer-focused solutions that maximize the safety and productivity of each of our customers. The future is very bright at Coyote.”
“Safety is paramount in every company we invest in and the markets they serve,” said Ted Patton, a managing director at Hastings. “Coyote’s independent safety platform provides the best technology available to the market, and can handle the scale, complexity and time-sensitive nature of its customers. Coyote has a talented team and a premier safety record. We are thrilled to partner with Nick, Mike and the entire team at Coyote.”
Hastings Equity Partners invests in energy services and equipment companies (upstream, midstream, and downstream) with EBITDAs from $4 million to $20 million. Hastings’ approach is to leverage the operational experience of the firm’s managers and investors, many of whom are active or former CEOs of Fortune 1000 companies. The firm is based in Houston (www.hastingsequity.com).
Cadence Bank provided financing support for this transaction.
© 2019 Private Equity Professional | August 1, 2019