TPi January 2013

business & market news

Glacier Energy fast-tracks growth with valves contract

on, many years of quality work for BEL Valves by our Wellclad division.”

technical support via materials and welding engineering, for the deposition of the CRA weld overlay in accordance with the highest industry standards and specific customer requirements. Dave Sturrock, chief executive officer of Glacier, said, “Glacier Energy Services are delighted to have signed this agreement with a company known globally for its design and manufacture of the highest quality valves in the oil and gas industry. “This agreement represents Glacier Energy Services’ desire to enter into strategic relationships with key customers by listening to their specific needs and responding with the delivery of integrated tailored solutions.

Glacier Energy Services has reached another milestone in its growth by signing a major contract with a manufacturer and supplier of specialist valves for the oil and gas industry. The newly formed global oilfield services group has signed an agreement with Newcastle, UK-based BEL Valves, which could equate to £2.5mn in revenue every year for Glacier. The agreement represents an industry first where BEL Valves will outsource its corrosion resistant alloy (CRA) weld overlay operations, equipment and personnel to Glacier Energy Services’ Wellclad division. Under the agreement, Glacier will provide a completely integrated service, including management resources,

The three-year agreement, with two one-year options, will see Glacier invest in new facilities and resources in Newcastle. With these facilities in place, the company also intends to further develop its offering on specialist welding and fabrication services to the wider client base in the northeast of England.

Glacier Energy Services – UK info@glacier.co.uk www.glacier.co.uk

BEL Valves – UK enquiry@belvalves.com www.belvalves.co.uk

This agreement is a result of, and built

Evergreen takes majority stake in PAC Stainless Evergreen Pacific Partners (Evergreen) has purchased a majority stake in PAC Stainless, Ltd, a supplier of stainless steel and alloy instrumentation tubing and fittings. Evergreen will be partnering with Gary Ohrt, one of the three co-founders of PAC Stainless, who will retain a significant stake in the company and continue to lead as chief executive officer. our leadership position in the industry and increasing support to our customers.” PAC Stainless was founded in 1976 and has since grown to include warehouse and distribution facilities across the United States, in Seattle, Houston, Baton Rouge and Atlanta.

“We’re looking forward to working with Gary to help him build on the great foundation that he has built.” Evergreen Pacific Partners, which manages two private equity funds totalling $700mn, invests in traditional buyouts, management-led buyouts and growth equity investments involving traditional industry, middle- market companies in the Western USA and Canada. Its investors include foundations, endowments, pension funds, and West Coast-based CEOs with experience in Evergreen’s target industries.

By offering a deep inventory of stainless steel and speciality alloy instrumentation tubing and fittings, PAC Stainless has developed a reputation in its industry for service, delivery and customer support. “Our investment in PAC Stainless is exactly in line with our overall investment focus of partnering with leading companies in traditional industries that we can position for future growth,” said TJ McGill, co-founder and managing partner at Evergreen Pacific Partners.

Evergreen’s acquisition will provide PAC Stainless with access to capital and strategic resources to enable future growth. “Thirty-six years ago PAC started with less than $2,000 in inventory, and today we supply millions of feet,” said Mr Ohrt. “With Evergreen’s support, we will continue to grow our network of facilities and inventory across the country and internationally, extending

PAC Stainless, Ltd – USA sales@pacstainless.com www.pacstainless.com

Evergreen Pacific Partners – USA general@eppcapital.com www.eppcapital.com

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Tube Products International January 2013

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