The Colt Group Acquires Plant Services, Inc.
Capstreet-backed Industrial Leak Repair Platform Expands Footprint in the Rocky Mountain Region
HOUSTON, Dec. 03, 2024 (GLOBE NEWSWIRE) — The Colt Group (“Colt”), a provider of on-line industrial leak repair solutions, announced today that it has acquired Plant Services, Inc. (“PSI” or “the Company”). 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.”
About The Colt Group
Founded in 1981, Colt provides on-line leak sealing, repair, and prevention solutions, including design, engineering, manufacturing, and installation, to a diverse base of blue-chip industrial clients. The Company specializes in innovative approaches to solve the most difficult challenges quickly, safely, and effectively. Colt’s goal is to eliminate any downtime or lost product; sealing leaks on-line, onsite, and under pressure to keep critical assets running and to provide permanent repairs via mechanical solutions. Founded over 40 years ago, Colt is headquartered in Houston with additional locations across the U.S. Please visit www.coltgrp.com for more information.
About Capstreet
Founded in 1990, Capstreet invests in lower middle market software, tech-enabled services, and industrial business services companies. With more than 50 platform investments and more than 200 add-on acquisitions since inception, Capstreet’s investment strategy is focused on utilizing its Capvalue Framework® to help accelerate growth and profitability, and create long-term sustainable businesses. The majority of Capstreet’s investments have been with founder- or entrepreneur-owned businesses. For more information, visit the Capstreet website, https://capstreet.com.
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Lambert by LLYC
Joanne Lessner, 212-222-7436, jlessner@lambert.com
Jennifer Hurson, 845-507-0571, jhurson@lambert.com
