M&A Deal Summary

L.B. Foster Acquires Inspection Oilfield Services

On March 13, 2015, L.B. Foster acquired oil/gas exploration company Inspection Oilfield Services from Patriot Capital and Ninth Street Capital Partners

Acquisition Highlights
  • This is L.B. Foster’s 1st transaction in the Oil/Gas Exploration sector.
  • This is L.B. Foster’s 3rd transaction in the United States.
  • This is L.B. Foster’s 1st transaction in West Virginia.

M&A Deal Summary
Date 2015-03-13
Target Inspection Oilfield Services
Sector Oil/Gas Exploration
Buyer(s) L.B. Foster
Sellers(s) Patriot Capital
Ninth Street Capital Partners
Deal Type Add-on Acquisition

Target

Inspection Oilfield Services

Morgantown, West Virginia, United States
Inspection Oilfield Services is a provider of tubular management services with operations in every significant oil and gas producing region in the continental United States.

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Buyer(S) 1

Buyer

L.B. Foster

Pittsburgh, Pennsylvania, United States
Category Company
Founded 1902
Sector Engineering
Employees1,065
Revenue 544M USD (2023)
DESCRIPTION

L.B. Foster operates individual business units that specialize in rail, construction and tubular products. These groups manage manufacturing, distribution and sales facilities worldwide. The company also functions as a distributor and service provider in strategic alliances with industry leading manufacturing and engineering firms. L.B. Foster was founded in 1902 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 5 of 7
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 4 of 6
State (West Virginia) 1 of 1
Country (United States) 3 of 3
Year (2015) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-19 TEW Engineering

Nottingham, United Kingdom

TEW Engineering Ltd. is a provider of application engineering solutions, control panels, mimic diagrams, dynamic displays, passenger information systems and automation solutions for rail and industrial organizations.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-21 Skratch Enterprises

Telford, United Kingdom

Skratch Enterprises provides a single-point supply solution model for clients and enables large scale deployments. Its services include design, prototyping and proof of concept, hardware & software, logistics & warehousing, installation, maintenance, Content Management (CMS), and managed monitoring. Skratch Enterprises was founded in 2004 and is based in Telford, England.

Buy -

Seller(S) 2

SELLER

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.

DEAL STATS #
Overall 21 of 50
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 15 of 29
State (West Virginia) 1 of 1
Country (United States) 21 of 50
Year (2015) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-01 Vita Nonwovens

High Point, North Carolina, United States

Vita Nonwovens LLC is a manufacturer of nonwoven thermal bonded fiber material. Vita Nonwovens is based in High Point, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-02 R&D Altanova

South Plainfield, New Jersey, United States

R&D Altanova is a designer and manufacturer of advanced printed circuit boards used to test integrated circuits used in computers, servers, mobile devices, and many other applications. R&D Altanova was founded in 1969 and is based in South Plainfield, New Jersey.

Sell -
SELLER

Ninth Street Capital Partners

Investor Investor

Category Private Equity Firm
Size Small
Type Sector Agnostic
DESCRIPTION

Ninth Street Capital Partners is a private investment firm focused on acquiring established, profitable lower middle-market companies with $5 to $50 million in revenue. Ninth Street is a generalist investor and seeks companies operating in fragmented sectors, with low cyclicality and external risk factors. Target investment situations include owners looking to retire or in need of liquidity, or owners in need of additional management and expertise and looking for a partner to pursue growth opportunities. Ninth Street Capital Partners is based in Orange Village, Ohio.

DEAL STATS #
Overall 2 of 3
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 2 of 3
State (West Virginia) 1 of 1
Country (United States) 2 of 3
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-11 Kitchen Cabinet Distributors

Raleigh, North Carolina, United States

Kitchen Cabinet Distributors is an importer and distributor of affordable framed style cabinetry primarily to the home renovation market. Kitchen Cabinet Distributors was founded in 2007 and is based in Raleigh, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-07 O’Keefe

River Falls, Wisconsin, United States

O’Keefe, Inc. is a designer, manufacturer, and sells finely crafted commercial millwork products to general contractors, architects, and builders. O’Keefe, Inc. is based in River Falls, Wisconsin.

Buy -
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