Blackstone to acquire pipeline and industrial services assets from Trican Well Services
Blackstone Industrial Services, a Canadian critical rotating equipment services company, has entered into a definitive agreement to acquire the assets of Trican Pipeline & Industrial Services Business. TPIS is an integrated pipeline services and industrial maintenance solutions company owned and operated by Trican Well Service Ltd.
Since the business was founded in 2002, TPIS has worked to provide high-value engineered services in the maintenance of pipelines and critical static industrial equipment. Trican has a track record of servicing the oil and gas industry, and that experience has helped it establish a counter-cyclical service line.
Alex Fulthorpe, Executive Vice President of Blackstone, commented, "Our mission of supporting our clients in critical technical services has expanded regionally and in scope over the years. Taking on TPIS Business gives us more reach in the midstream space and with static critical equipment next to the kit that Blackstone currently maintains. This allows us to provide expertise in spaces we don't currently service and expand our offering with core clients. Being an essential service in a tough environment has given us perspective on what it means to be a Canadian corporation. We have expanded outside of North America and, in parallel, are expanding in our technical depth. We have great respect for the leadership team at Trican and their integrity, and the acquisition will provide us with a platform for new growth in the industrial and pipelines space."
Founded in 2002 and branded in 2012, Blackstone is now seven years into its growth strategy, which includes consolidation. Blackstone is focused on high technical trades and critical engineering services in the process, power, pipeline and industrial core markets. "The acquisition of TPIS Business is an exciting step in Blackstone's diversified approach to the energy marketplace. The world-class team at TPIS will help to further our strength as a long-term, vertically integrated player in industrial and energy services," Allan Schofield, President of Blackstone, has stated.
Alex Fulthorpe further comments, "There is a misalignment in perspectives across this country about what industries are philosophically important, and the energy community feels that in many ways. We have all learned a valuable lesson in the adaptations to this global pandemic with respect to what is essential, both at home and in our economy. Blackstone's alignment with the TPIS's pipeline and integrity work, industrial cleaning and abandonment, combined with a focus on indigenous relations, further supports that we are more than an essential service - we can be an institution in a time where examples of leadership are waning. This is an energetic step in our mission of becoming the most consolidated, dynamic and admired technical force in our time."
Dale Dusterhoft, President and CEO of Trican, wants to thank all the employees of TPIS for their dedication and commitment to safety and operational excellence: "TPIS Business is a good fit with Blackstone and will provide the business with needed scale, which will be a benefit to the customers, employees and all stakeholders involved in TPIS. Blackstone has a great management team, and I know that our people are in good hands within this aggressively growing company."
The transaction is expected to close on June 30, at which time Blackstone will operate TPIS Business as Blackstone Pipeline & Environmental Solutions Inc.