Pine Tree Equity Brings Applied Consultants into Bakken Shale with Central NDT
Pine Tree Equity II, LP (“Pine Tree Equity”), a private equity firm based in Miami, FL, is pleased to announce that it has acquired Central NDT, Inc. (“Central NDT”) as an add-on acquisition for Applied Consultants, Inc. (“Applied”) in February 2012. Central NDT, founded in 1994 and headquartered in Yale, OK, is a provider of inspection services to the oil and gas pipeline industry in the rapidly growing Bakken shale region as well as throughout Texas and other southern states. Applied, headquartered in Longview, TX, is a leading regional provider of primarily pipeline inspection services required to meet environmental, performance and safety regulations. For additional information on Applied, please visit www.appliedconsultants.com.
Central NDT represents Applied’s first add-on acquisition. Pine Tree Equity partnered with Mr. Glenn Davis, the President and Chief Executive Officer of Applied, in March 2011 to recapitalize the platform in order to materially expand its geographic coverage. The acquisition of Central NDT positions Applied to capitalize on the attractive growth opportunities in the Bakken shale, spanning parts of Montana and North Dakota.
Central NDT marks Pine Tree Equity’s 4th investment in the oil and gas services industry, and 17th investment since Pine Tree Equity’s inception in 2007. Pine Tree Equity is actively searching for additional platform investments – with revenue of $10.0 million to $50.0 million – in services industries. We are pleased to offer traditional referral fees for a closed transaction based on a signed fee agreement. For additional information, please call Jeff Settembrino at (305) 808-9820.