Sorenson Capital has sold Southeast Directional Drilling and M&M Pipeline Services
Lincoln International, a leading global mid-market investment bank, is pleased to announce that Southeast Directional Drilling (“SEDD”), M&M Pipeline Services (“M&M”) and Energy Services South (“ESS”) have been sold to PLH Group (“PLH”), a portfolio company of Energy Capital Partners, a private equity firm with offices in Short Hills, New Jersey, and San Diego, California. SEDD and M&M were portfolio companies of Sorenson Capital (“Sorenson”), a private equity firm based in Salt Lake City, Utah. Terms of the transaction were not disclosed. Headquartered in Casa Grande, Arizona, SEDD provides highly specialized underground horizontal drilling services to the oil and gas, municipal water and telecom industries. It works with site owners and general contractors to drill, pull and install pipeline and electrical conduit infrastructure in environmentally and ecologically sensitive areas and under existing man-made infrastructure.
Headquartered in Eupora, Mississippi, M&M provides site preparation, environmental restoration, project closing and maintenance services to pipeline construction general contractors. ESS is M&M’s Livingston, Alabama-based subterranean division, which offers pipeline maintenance, repair, overhaul (“MRO”), niche midstream and gathering system installation services for pipeline owners and operators.
Lincoln International acted as the exclusive financial advisor to Sorenson, SEDD and M&M, working closely with the senior management teams of both companies throughout the sale process. This included providing advisory expertise and managing the marketing, negotiation and due diligence phases of the transaction.
Tim Layton, Managing Director at Sorenson Capital, commented, “Lincoln provided quality advice and excellent execution throughout a complicated process and delivered an outstanding outcome.” Steve Ugrich, CEO of SEDD, said, “The Lincoln team demonstrated a deep understanding of the complexities of both businesses that enabled both companies to select the right partner for the next stage in their growth.” Mike Maddox, President of M&M and ESS, added, “Lincoln led a sophisticated sale process with multiple parties to deliver a great strategic outcome for all stakeholders at both SEDD and M&M/ESS.”
About Sorenson Capital
Sorenson Capital is a private equity firm based in Salt Lake City that provides small to middle market buyout and growth equity investments, with a particular focus on opportunities in selected states in the Mountain and Western regions of the United States.
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