PROVIDENCE – Private equity firm Nautic Partners LLC has acquired Applied Consultants Inc., an oil infrastructure inspection service, the firm announced Monday.
Applied Consultants, a Longview, Texas-based company that oversees 450 inspectors operating in several states, offers services that allow oil and gas pipeline industry leaders to comply with regulations and ensure the safety and proper functioning of their equipment. It was founded in 1991 and has grown its business every year since.
Financing for the acquisition came from Fifth Third Bank and Triangle Capital Corp., but specifics of the transaction were not made public.
“We think Applied will continue to thrive, as the surge in U.S. energy development continues to demand the build-out of new pipeline infrastructure to support increased production,” Doug Hill, Nautic’s managing director, said in a statement. “We also believe that increases in regulation of energy development will support customers demanding more inspection services from high-quality, trusted partners like Applied.”
Nautic Partners VI LP, the firm’s most recent fund, made the investment — its 13th overall.