Odyssey Investment Partners Acquires Cross Country Pipeline Supply
NEW YORK, June 19, 2013 - Odyssey Investment Partners, LLC announced today that it has acquired Cross-Country Pipeline Supply Co., Inc. ("Cross Country" or the "Company"), a leading equipment and supplies provider to the domestic oil and gas pipeline construction industry. Financial terms of the transaction were not disclosed.
Based in Aurora, Colorado, Cross Country provides specialized equipment to the domestic pipeline construction industry for rent and sale. The Company's customers are typically pipeline contractors engaged by energy companies to construct new pipeline or retrofit or repair existing lines. Cross Country also sells consumable parts and supplies.
Stephen Berger, Chairman of Odyssey Investment Partners, said, "The market opportunities within the domestic oil and natural gas pipeline industry are dramatic, largely driven by shale plays. However, the infrastructure supporting the industry generally and shale production specifically is aging and insufficient. Cross Country is positioned to take advantage of the current expansion in the shale space by being a "one-stop shop" for key equipment and consumable supplies used in the pipeline construction, maintenance, and repair market. We look forward to working closely with the Cross Country management team to further expand the business."
The Cross Country management team, led by President John James, will continue to head the company under Odyssey's ownership.
Mr. James said, "Odyssey's investment in Cross Country signals a new and exciting chapter of growth for our company. With the support of a leading financial partner, we are well prepared to execute our growth strategy by capitalizing on the enormous potential in the domestic oil and gas pipeline industry."
This acquisition is Odyssey's seventh investment in the industrial rental services sector.
About Cross Country
Cross Country is a leading supplier of equipment and supplies for the pipeline construction industry. The Company is based in Aurora, Colorado, with branches in Pennsylvania and Texas. For more information please visit www.ccpipeline.com.
About Odyssey Investment Partners
Odyssey Investment Partners, LLC, with offices in New York and Los Angeles, is a leading middle-market private equity firm with approximately $3.0 billion under management. Odyssey Investment Partners primarily makes control investments typically in established middle-market companies in a variety of industries. For further information about Odyssey Investment Partners, please visit www.odysseyinvestment.com. The firm can be reached in New York at 280 Park Avenue, New York, NY 10017 or (212) 351-7900; and in California at 21650 Oxnard Street, Woodland Hills, CA 91367 or (818) 737-1111.
Mark Semer or Donald C. Cutler
Kekst and Company
(212) 521-4800 or (415) 852-3903