Private equity firm Nautic Partners LLC has acquired Applied Consultants Inc., following a stream of M&A among energy-focused services companies.
Longview, Texas-based Applied Consultants provides inspection services to the oil and gas pipeline infrastructure industry. Nautic partnered with the target’s management to complete the deal. Terms were not disclosed.
Fifth Third Bank and Triangle Capital Corp. provided financing for the transaction.
Applied Consultants is Nautic’s 13th investment from its most recent fund, Nautic Partners VI LP. The firm has more than $2.5 billion in capital under management and completed more than 110 deals. Nautic, headquartered in Providence, R.I., generally makes equity investments between $25 million and $75 million.
Several energy services companies have announced deals lately, in concurrence with a boom in oil and gas M&A. In June, Clearlake Capital Group LP closed a deal for a division of Archer Ltd. that provides oil and gas rental equipment. Also in June, Odyssey Investment Partners LLC bought Cross-Country Pipeline Supply Co. Inc., which provides equipment and supplies to the domestic oil and gas pipeline construction industry, and Emcor Group Inc. (NYSE: EME) announced it is buying RepconStrickland Inc., which provides services to oil refineries.
For more on oil pipeline services companies, see “Pipeline Protectors.”