Cision PR Newswire
Pelican Energy Partners Announces Acquisition of Springs Advanced Technology Group from Machine Build Technologies
News provided byPelican Energy Partners
Nov 21, 2023, 7:00 AM ET
HOUSTON, Nov. 21, 2023 /PRNewswire/ -- Pelican Energy Partners Base Zero LP ("Pelican") is pleased to announce that it has acquired Springs ATG, LLC ("Springs ATG") from Machine Build Technologies. In conjunction with the transaction, Springs ATG will be rebranded as Advanced Technology Group ("ATG" or the "Company"). ATG is based in Westminster, Colorado and is a manufacturer of containment solutions, including gloveboxes, for the nuclear industry. The Company's containment solutions are used in multiple applications to facilitate life extension of nuclear power plants across North America, as well as enabling the nascent SMR/Advanced Reactor industry.
With the Pelican investment, the business unit is now a standalone enterprise and singularly focused on designing and building containment systems. Additionally, Pelican has made a cash investment in ATG which will fund the company's plan to double its capacity. The existing management team has participated alongside Pelican in this growth equity investment, demonstrating their long-term commitment to manage and grow the business. This investment positions ATG to expand its market penetration and service offering in response to growing customer demand. Paul Ernster of Pelican stated: "We are excited to partner with the ATG team and provide growth capital to the business. We expect ATG to continue to build upon their impressive operational success and attack the growing nuclear market."
Kevin Oliver, president of ATG stated, "We are thrilled to partner with Pelican Energy Partners. They have a unique focus of investing in the nuclear sector and have been very enthusiastic about supporting our existing growth plan. Our business is in high growth mode and now we have all the financial resources we need to accomplish our goals."
For more information on ATG please see the Springs ATG website: www.springsfabatg.com
Locke Lord LLP acted as legal counsel to Pelican Energy Partners, and Dvorak Law Group served as legal counsel to Machine Build Technologies.
About Pelican Energy Partners
Pelican Energy Partners is a Houston-based private equity firm specializing in strategic investments in small to middle-market, high-growth potential energy service and equipment companies. The firm makes investments in energy equipment and service companies in the oil and gas and nuclear sectors.
SOURCE Pelican Energy Partners
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