Colt's acquisition takes aim at repair needs of Mountain region industrial plants
The Colt Group, a provider of on-line industrial leak repair solutions, announced it has acquired Plant Services Inc. (PSI). Colt is backed by Capstreet, a Houston-based lower middle market private equity firm. Terms of the transaction were not disclosed.
PSI provides on-line leak repair, hot tapping, line stopping, and field machining services to heavy process facility customers throughout the Rocky Mountain region. Headquartered in Worden, Montana, the Company serves its customers through additional regional offices in Colorado, Kansas, Oklahoma, and Utah. PSI delivers long-lasting solutions that minimize lost production time, keeping facilities safe and flows on-line.
“With the addition of PSI, Colt extends our footprint deeper into the West and broadens our service capabilities, putting us in a stronger position to take market share in our fragmented industry,” said Colt CEO Jason Box. “As industrial plants grapple with aging infrastructure and rising repair needs, PSI aligns perfectly with Colt’s commitment to developing innovative solutions that limit downtime. The partnership opens new avenues for us to deliver services, optimizing efficiency and providing enhanced accessibility and convenience for our customers. We welcome the PSI team to the Colt family and look forward to deepening our commitment to serving our customers with even greater effectiveness and reliability.”
“Partnering with Colt will be a big advantage in reaching new clients, and our existing clients will benefit from the added resources and tools,” said Tom Thayer, founder and CEO of PSI. “We are excited to join the Colt team as we embark on this new journey.”
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