Pine Tree Equity Brings Hi-Tech Testing into Bakken Shale with Western 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 Western X-Ray Service, LLC (“Western X-Ray”) as an add-on acquisition for Hi-Tech Testing Service, Inc. (“Hi-Tech”) in June 2012. Western X-Ray, founded in 1982 and headquartered in Seiling, OK, is a provider of non-destructive testing services to the oil and gas pipeline industry in the rapidly growing Bakken shale region as well as throughout Oklahoma. Hi-Tech, headquartered in Longview, TX, and with four additional offices throughout Texas, Louisiana and Ohio, is the leading regional provider of non-destructive testing services. For additional information on Hi-Tech, please visit www.hitechtesting.com.
Western X-Ray represents Hi-Tech’s second 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 Western X-Ray positions Hi-Tech to capitalize on the attractive growth opportunities in the Bakken shale area, spanning parts of Montana and North Dakota, and gives Hi-Tech a leading presence in each of the major shale plays in the U.S.
Western X-Ray marks Pine Tree Equity’s 5th investment in the oil and gas services industry, and 18th 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.