Generational Capital Markets, Inc., Member FINRA/SIPC, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, Coastal Field Services LP, to Primoris Services Corporation. The acquisition closed June 16, 2017. Details were not disclosed.
Coastal Field Services, based in Beaumont, Texas, provides pipeline construction, integrity support, pipe and vessel coating, and insulation services for leading companies in the oil and gas industry along the Gulf Coast of the United States.
Coastal Field Services Co-owner and President Jeff Bridges will continue to manage day-to-day operations as President of Primoris Coastal Field Services, the division Coastal will operate under now.
Primoris Services Corporation, based in Dallas, Texas, is one of the largest publicly traded specialty construction and infrastructure companies in the United States. Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation, and other customers.
"The acquisition of Coastal dovetails well with the work performed by our Primoris Pipeline and Field Services groups," said Primoris President and CEO David King. "It allows us to offer our clients a wider range of services, including compressor station capital projects, pipeline integrity work, call-out work, and insulation of plant piping and vessels. Coastal provides Primoris an opportunity to increase our market share in the Gulf Coast energy market. We welcome Coastal and its employees to the Primoris family."
Generational Equity Executive Managing Director Bill Kushnir established the relationship with Coastal Field Services, and Generational Capital Markets Managing Director Chris Heckert successfully closed the deal.
"This is an exciting opportunity for Coastal Field Services and Primoris," said Heckert. "I look forward to seeing what this partnership can accomplish."
About Generational Capital, LLC
Generational Capital, LLC is a Dallas, Texas-based merger & acquisition advisory firm. Generational Capital wholly owns Generational Capital Markets, Inc., Member FINRA/SIPC. More information can be found at www.gencm.com. Generational Capital and Generational Capital Markets are part of the Generational Group and are affiliated with Generational Equity, LLC. Generational Equity's website is www.genequityco.com and its online newsroom is www.gecpress.com. GCM received The M&A Advisor's 2017 Private Equity Deal of the Year Award, 2016 Corporate and Strategic Acquisition of the Year Award, as well as the 2016 Materials Deal of the Year for its work on the Stern Rubber Company transaction. It has also been recognized for the 2016 M&A Deal of the Year (for deals valued $10mm - $25mm) for the acquisition of Pro Trans Logistics Inc. by Action Resources.