LOS ANGELES, Feb. 3, 2021 /PRNewswire/ -- PMC Capital
Partners, LLC (PMC Capital) is back again on the acquisition trail
after completing the buy-out of an award-winning multifunctional
engineering design firm, UniversalPegasus International, Inc., of
Huntington Ingalls Industries, Inc. (NYSE: HII). Headquartered
in Houston, Texas,
UniversalPegasus has a track record of delivering turnkey
integrated engineering, procurement, and construction management
(EPCM) solutions; ranked by Engineering News-Record (ENR) as
No. 59 of the Top 500 Design Firms and among the top 10 in the
petroleum sector. ENR's list ranks public and private companies by
its markets' share of total revenue. Financial terms of the deal
with HII were not disclosed.
"We are extremely excited to acquire UniversalPegasus
International (UPI) and its amazing team of 600 professionals.
Spearheaded by an impressive business leader in CEO, Tom Davison, the UPI team maintained
record-level engineering design revenues during an economically
crippling COVID-19 pandemic while building a backlog/pipeline of
business that will continue to support future success. Acquiring
UPI coincides with PMC Capital's vision to acquire and support an
elite technical staff of engineers who deliver first-class
mission-critical business services to blue-chip customers," said
Chris Aye, Managing Partner of PMC
Capital.
"UPI's decades of record success delivering engineering,
logistical, and construction management solutions captivated PMC
Capital. Not only will PMC Capital support UPI in maintaining a
high level of service for its clients — we look forward to building
and exceeding UPI's past accomplishments. We're excited to partner
with Tom and his team as we aggressively embark on a multifaceted
growth strategy," added Mr. Aye.
"UPI is the industry leader in project delivery and the employer
of choice in the Houston and
Calgary engineering markets. Our
success stems from our strong company values and commitment to
transparency. With PMC Capital behind us, UPI will continue to
differentiate itself and outperform the competition as one of the
few remaining independent oil and gas engineering companies. We
expect to emerge from the pandemic in a strong financial position
poised for double-digit growth," said Tom
Davison, CEO of UPI.
"We are pleased to have reached this agreement. PMC Capital is a
great new home for UniversalPegasus International, its world-class
people and services," said Andy Green HII Executive Vice President
and President of HII's Technical Solutions division. "It will
enable UPI to continue to flourish, ensuring the business remains
at the forefront of innovation and customer service in the
future."
Ernst & Young Capital Advisors, LLC served as Huntington
Ingalls Industries, Inc.'s exclusive financial advisor for the
transaction.
About UniversalPegasus International
UPI is a privately held company headquartered in Houston, with a strategically located office
in Calgary, Canada, and currently
employs close to 600 personnel.
UPI has provided a broad range of engineering and project
management services to the energy industry for over 50 years.
Whether onshore or offshore, from the wellhead to processing
facilities to delivery points, UPI delivers the engineering,
design, project management, survey, inspection and construction
management personnel to move energy safely, reliably and
efficiently to domestic and international marketplaces. Find out
more at www.universalpegasus.com/.
About PMC Capital Partners, LLC
Established in 2019, PMC Capital is on the path of
becoming one of the fastest-growing private equity firms that
invests in strategic opportunities where thought, operational
resources and flexible capital can empower management teams to
execute their business plans. PMC Capital currently owns and
operates a portfolio of high-quality national and international
businesses in the lower middle-market space, employing nearly 1,000
employees, with approximately $450M
in combined annual revenues. With over 100 years of collective
private equity experience, PMC Capital brings a successful track
record of executing corporate carve-outs, recapitalizing balance
sheets, acquiring founder-owned companies and completing bolt-ons.
With a committed pool of capital backed by a family office, PMC
Capital targets control equity investment opportunities in the
business services, industrials, TMT, consumer and health care
sectors. The nature of PMC Capital's platform allows for a
longer-term time horizon and a business-friendly approach to
ownership transitions, divestitures and successions.
The firm is headquartered in Los
Angeles, California. For more information, visit
www.pmccapital.com
About Huntington Ingalls
Huntington Ingalls Industries (HII) designs, builds and
maintains nuclear and non-nuclear ships for the U.S. Navy and Coast
Guard and provides after-market services for military ships around
the globe. For more than a century, HII has built more ships in
more ship classes than any other U.S. naval shipbuilder at its
Newport News Shipbuilding and Ingalls Shipbuilding divisions.
Employing more than 38,000 in Virginia, Mississippi, Louisiana and California, HII also provides a wide variety
of products and services to the commercial energy industry and
other government customers, including the Department of Energy. For
more information, visit:
- HII on the web: www.huntingtoningalls.com
- HII on
Facebook: www.facebook.com/HuntingtonIngallsIndustries
- HII on Twitter: twitter.com/hiindustries
Contact
Chris Aye
Managing Partner, PMC Capital Partners, LLC
chris@pmccapital.com
+1 818 896 1101
Related links
www.pmccapital.com
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SOURCE PMC Capital Partners, LLC