Industry News, trenchless people
RICHMOND, VA – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Chesapeake, VA-based Tri-State Utilities Company (the “Company” or “Tri-State”) to Hoffman Southwest Corp. (“HSW”), a portfolio company of ORIX Capital Partners LLC (“ORIX”).
Founded in 1990 by Steve McSweeney, Tri-State is a leading, award-winning, regional provider of trenchless repair, rehabilitation, inspection, and other maintenance services to the municipal utility market. After nearly two decades of successfully providing technical services to support the maintenance needs of its customer base, Mr. McSweeney passed leadership of the Company’s operations to his two sons, Andy McSweeney and Joe McSweeney, in 2007. The change in leadership coincided with a period of rapid expansion for Tri-State, as the McSweeney brothers invested heavily in fleet and human capital in order to establish the Company as a market leader in trenchless utility rehabilitation throughout the Mid-Atlantic and Southeast. As a result of those investments, Tri-State maintains long-term sewer and stormwater contracts with an enviable list of blue-chip customers. Additionally, the Company has received recognition from its customers, vendors, and the broader industry for its exceptional safety credentials, technical expertise, increasingly diverse suite of services, and expanding geographic reach.
Andy McSweeney, President of Tri-State commented, “We are thrilled to be partnering with the HSW team to expand the breadth of services we’re able to offer our valued customer base. When Joe and I began contemplating a possible ownership transition, it was critical that we find a group that shared our Company’s values and commitment to growth. We feel confident that the HSW and ORIX teams are precisely the partners that share this vision.” Joe McSweeney, Chief Executive Officer of Tri-State added, “I have no doubt that HSW will help us build on the tremendous foundation that our father established and Andy and I were fortunate enough to continue. As shareholders in the combined entity, we are looking forward to personally maintaining the level of service and responsiveness that our customers and vendors have come to expect from Tri-State.”
HSW provides underground pipe inspection, trenchless pipe repair, excavation and cleaning services for municipal and utility customers.
Matrix served as exclusive financial advisor to Tri-State, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was led by David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Products Group, and William O’Flaherty, Vice President. Robbie Nickle, Associate, and John Mosser, Analyst, also advised on the transaction. Regarding Matrix’s services, Andy McSweeney noted, “In the face of what could have been an exhausting and emotional process for Joe and I, the Matrix team was an unwavering source of support, providing professional and thoughtful guidance throughout the engagement. We can’t imagine getting this transaction done without their assistance, and we feel fortunate that we selected Matrix as our advisor.”
Mr. Shoulders added, “The McSweeney family has built an impressive business that is poised for exceptional growth as it continues to address the needs of aging underground infrastructure. We are pleased to have assisted them in identifying a partner that brings a strategic commitment to expansion, supportive capital to achieve the Company’s objectives, and the opportunity for Joe and Andy to remain with the business as both managers and shareholders.”
Troutman Sanders served as legal counsel for Tri-State.
About Matrix Capital Markets Group, Inc.
Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD, Chicago, IL, and Dallas, TX. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, and publicly traded companies, including company sales, recapitalizations, corporate carve outs, corporate recovery, management buyouts, capital raises of debt & equity, corporate valuations, fairness opinions and business consulting. Matrix serves clients in a wide range of industries, including downstream energy, convenience retail, industrial products, building products, consumer products and business services. For additional information or to contact their team members, please visit www.matrixcmg.com.
Securities offered by MCMG Capital Advisors, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA & SIPC.
Industry News, trenchless products
The team at Kobus Services Ltd, the UK based creators of the innovative Kobus Pipe Puller trenchless utility pipe repair and replacement system, has launched the new KPP400 excavator mounted pipe puller.
Pipe pulling removes the old pipework from the ground thereby eliminating the potential environmental pollution, as well as enabling the recycling and scrap value recovery of the old pipe.
The 400 Series Pipe Puller delivers a state-of-the-art solution for quickly and effectively removing and replacing service pipes.
The system requires two excavation holes, no larger than 3’ x 3’ depending on depth of service, to extract an old pipe while towing in the new replacement. Up to 85 feet of steel, copper, lead or plastic pipe can be easily replaced in a single pull (for diameters up to 1¼ in), and a new copper or PE pipe drawn in at the same time.
The 400 Series Pipe Puller is mounted on a compact excavator such as 35 or 45 series, and operates from the auxiliary hydraulics. It provides greater pulling power and efficiency improvements for contractors. The unique spool design makes removal of the pipe from the spool after extraction quicker and easier, while the rotatable foot means the puller can be positioned in any direction to suit excavator access.
The 400 Series Pipe Puller, already in use in five states in the Mid-West and being displayed for the first time at the No Dig Show in Chicago in 17-21 March 2019, can replace all types of service pipes, and combinations of pipe materials with fittings, much faster than more traditional methods. It is ideal for cross road applications and replacement programmes.
With several new features and capabilities, it has been designed in partnership with some of the UK’s leading utility companies, and will bring economic, logistical and business transforming benefits to contractors using it.
“In the United States, the problem is acute. It is estimated there are around 7 million lead pipes, totalling 65,000 miles of lead” says Simon Drain, Kobus Services managing director.
“In the US alone, with just one foot of lead pipe weighing 11 lbs and for an average 50 feet in length, this equates to an astronomical 3.8 billion lbs of lead. Aside the logistical and restoration benefits pipe pulling provides, the average scrap value of lead is approx. US$ 0.75 per lbs. Therefore, the potential scrap value of lead pipe to US contractors alone is worth $2.5 – 3bn”.
Visit https://us.kobuspipepuller.com/ to find out more or http://nodigshow.com/ to book to attend the show in Chicago and meet the Kobus team at booth 246.
Industry News, trenchless projects
The Green Communities Committee (GCC) is pleased to announce the availability of a sixth GCC approved Option 1 project to assist local governments in meeting their climate action goals – the Trenchless Technology Project.
Local Governments from across British Columbia have demonstrated strong leadership in signing on to the BC Climate Action Charter and committing to work toward reducing GHG emissions and taking actions to make their communities more complete, compact and energy efficient.
Since 2007, the joint Provincial – UBCM Green Communities Committee (GCC) has worked with local governments to assist them in achieving these goals, including developing a common approach for carbon neutrality.
In 2011, the GCC established the Carbon Neutral Framework for BC local governments that included 4 steps (measure, reduce, offset/balance and report) and two types of projects – Option 1 and Option 2 projects – that local governments can undertake to reduce GHG emissions within their communities as a way of balancing their corporate GHG emissions. Option 1 projects are pre-defined projects approved by the GCC. Option 1 projects are pre-defined projects approved by the GCC. Option 2 projects are projects proposed and undertaken by the local government and validated and verified by third parties. The GCC has previously developed and approved five Option 1 GHG reduction projects – supported by five related project profiles.
This GCC communiqué announces the sixth GCC-approved Option 1 project: the Trenchless Technology Project. The Trenchless Technology Project profile provides guidance on estimating the emission reductions associated with using trenchless technologies, rather than conventional open-cut trenching, for capital projects to upgrade, repair, replace or construct water or wastewater utility pipes. An accompanying GCC Carbon Calculator enables local governments that undertake eligible capital projects that use trenchless technology to replace utility pipes (general maintenance projects are not eligible) to estimate the amount of emission reductions realized.
The Trenchless Technology Project profile and the GCC Carbon Calculator can be found on the BC Climate Action Toolkit Carbon Neutral page.
For more information, including information about whether the Trenchless Technology project profile may be used to help balance local government 2018 GHG corporate emissions, please contact the Ministry of Municipal Affairs and Housing at PLUM@gov.bc.ca.
trenchless products
Feb. 26, 2019– LAKE MILLS, Wisc. – HammerHead Trenchless, a Charles Machine Works Company, introduced the HeatWave, an all-in-one, hot-water curing system, at the recent WWETT exposition in Indianapolis, February 21-23. The HeatWave is a field tested, user-friendly, fully integrated unit that provides for quick activation of the resin and shortened curing times.
The HeatWave system’s ability to move water at up to 11 gpm helps it raise temperatures faster and keep an entire run up to 12 inches in diameter evenly heated to the target temperature. Moving more water through the boiler improves system efficiency resulting in shorter curing times and even cures throughout the length of the run.
All controls are centrally located for the operator’s ease of use. To switch from fill to recirculation mode, the operator simply turns a lever on the panel. An onboard return-temperature sensor makes it easy to monitor temperature, helping operators confidently follow the curing schedule for a given product combination on a specific job.
The HeatWave is the industry’s only hot-water CIPP curing unit designed, constructed and tested to United States and Canada safety standards, including applicable portions of UL 1776 & CAN/ CSA 22.2 no. 68.
The HeatWave is available from HammerHead Trenchless or authorized dealers. Authorized dealers can be found on the web at www.hammerheadtrenchless.com or by calling 800.331.6653. (International: + [1] 920.648.4848).
Photo 1: The HeatWave, an all-in-one, hot-water curing system, introduced by HammerHead Trenchless at WWETT 2019.
Photo 2: The HeatWave, an all-in-one, hot-water curing system, has a centrally located control panel for ease of use.
Industry News, trenchless projects
The International Society for Trenchless Technology (ISTT) and the Italian Association for Trenchless Technology (IATT) are currently accepting abstracts submitted electronically for the 37th International NO-DIG Florence 2019.
The Deadline for abstract submission is March 15, 2019. Finals papers are due on July 15, 2019. Each participant can present up to 2 abstracts.
The Scientific Committee of the 37th International NO-DIG Florence 2019, proposes the following Paper Topics:
- Trenchless Technology Case Studies
- Environmental and Sustainability Benefits of Trenchless
- Research and Development
- Mapping and Inspection of Underground Utilities
- Infrastructure Financing for Utility Projects
- Horizontal Directional Drilling
- Microtunneling/Pipe Jacking/Auger Boring
- Trenchless Pipe Replacement
- Pipe Lining and Coatings
- Contracts
Authors are encouraged to select a topic of their interest.
For each topic please described:
- A new application and/or
- environmental and soil conditions and/or
- up to date equipment and/or
- material used and/or
- performance of the No-Dig Technique applied.
Aspects such as Financing and Contracts are of interest as well, especially if connected to the use of Trenchless Technology.
The focus of each paper should be the innovation that can keep increasing the application of Trenchless Technologies.
Together with an Exhibition, containing the state-of-the-art technologies, the Conference Programme will be an empowering way for a wider knowledge of NO-DIG construction.
Visit the conference website for details.
RICHMOND, VA – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Chesapeake, VA-based Tri-State Utilities Company (the “Company” or “Tri-State”) to Hoffman Southwest Corp. (“HSW”), a portfolio company of ORIX Capital Partners LLC (“ORIX”).
