Pine Tree Equity Expands Reach of Hi-Tech Testing in South Texas with Wilson X-Ray
Pine Tree Equity II, LP (“Pine Tree Equity”), a private equity firm based in Miami, FL, is pleased to announce that it has acquired Wilson Inspection X-Ray Services, Inc. (“Wilson X-Ray”) as an add-on acquisition for Hi-Tech Testing Service, Inc. (“Hi-Tech”) in September 2011. Wilson X-Ray, founded in 1991 and headquartered in Corpus Christi, TX, is a provider of non-destructive testing services to the oil and gas pipeline industry in the rapidly growing Eagle Ford Shale area of South Texas. Hi-Tech, headquartered in Longview, TX, and with four additional offices throughout Texas and Louisiana, is the leading regional provider of non-destructive testing services throughout Texas. For additional information on Hi-Tech, please visit www.hitechtesting.com.
Wilson X-Ray represents Hi-Tech’s first add-on acquisition. Pine Tree Equity partnered with Mr. Jamie Davis, the President and Chief Executive Officer of Hi-Tech, in August 2010 to recapitalize the platform in order to materially expand the company’s geographic coverage. The acquisition of Wilson X-Ray positions Hi-Tech to capitalize on the attractive growth opportunities in South Texas.
Wilson X-Ray marks Pine Tree Equity’s 3rd investment in the oil and gas services industry, and 14th 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 service industries.