Merger of Companies Delivers Unparalleled Value to Energy and Industrial Markets
Houston, TX - October 21, 2016
The merger combines the domain expertise and resources of leading companies focused on improving the reliability and performance of a broad range of high-value assets operating in a variety of applications. By providing unique and integrated asset reliability and protection solutions, customers will benefit from an expanded portfolio of hardware, software and value-added services.
Jay Burnette, CEO of T.F. Hudgins, who will lead the combined company as CEO commented, “We are extremely excited to bring our two companies together for the benefit of our collective customers, employees and stakeholders. This combination will accelerate our growth in the expanding equipment reliability space, particularly with a much broader condition-based monitoring and advanced diagnostics offering. We believe this will create significant value for our customers.”
John Schultz, CEO and Founding Partner of Allied Reliability said, “It is exciting to be joining forces with an organization that has the same level of commitment to reliability. At Allied, we have built our business on listening to and understanding our customers’ needs, and delivering superior technical capabilities – with the combination of our two companies, we will be in an even better position to drive innovation and deliver exceptional value to the global reliability community.”
T.F. Hudgins is a portfolio company of The CapStreet Group (“CapStreet”).
The CapStreet Group is a Houston-based private equity firm founded in 1990 that invests in owner managed, lower middle market companies headquartered in Texas and surrounding states, with a particular emphasis on companies headquartered in the greater Houston area. CapStreet targets companies operating in the industrial distribution, industrial manufacturing and business service sectors and partners with management to accelerate growth and improve profitability. For more information, please visit capstreet.com.
Allied Reliability is a portfolio company of Pfingsten Partners (“Pfingsten”).
Pfingsten is an operationally focused private equity firm formed in 1989. From its headquarters in Chicago, IL and representative offices in ChangAn, China, New Delhi, India and Chennai, India, the firm builds better businesses through operational improvements, professional management practices, global capabilities and profitable business growth rather than financial engineering. Since completing its first investment in 1991, Pfingsten has raised five investment funds with total commitments of approximately $1.3 billion and has acquired 114 manufacturing, distribution and business services companies. For more information, visit pfingsten.com.