Growth Continues at Vortex Companies
With the Dec. 13 announcement of its acquisition of Tri-State Utilities and Pipe Vision, the service arm of the Vortex Companies continues to grow.
Vortex Companies acquired Tri-State and Pipe Vision from National Underground Group Inc. a portfolio company of ORIX Capital Partners, the private equity arm of ORIX Corp. USA.
Headquartered in Chesapeake, Virginia, Tri-State is a full-service trenchless infrastructure solutions provider serving the Mid-Atlantic and Southeastern United States. Based in Richmond, Virginia, Pipe Vision offers advanced pipe cleaning and inspection services for its customer base in the Mid-Atlantic and Southeastern United States regions.
“Tri-State is a longstanding customer of our liner and repair materials and carries an exceptional track record within the industry,” said Mike Vellano, CEO at Vortex Companies. “Strategically, geographically, and operationally both companies further strengthen Vortex’s focus on building a platform of technologies to serve our customers unique needs.”
Since 1990, Tri-State has cultivated a differentiated level of service that it reliably delivers to its customer base leading to a consistent pipeline of work amidst economic fluctuations. Since 2010, Pipe Vision has similarly provided exceptional levels of service to its customer base but with a focus on cleaning and inspection services.
“Given their position in the market and track record of delivering quality services, we believe Vortex is the ideal partner for Tri-State and Pipe Vision’s future growth ambitions,” added Ram Vela, senior vice president of corporate development at Vortex. “Acquiring and integrating accretive businesses is in our DNA here at Vortex and this acquisition further demonstrates that commitment.”
ORIX Capital Partners acquired National Underground Group, formerly Hoffman Southwest Corp., in 2017. The company was renamed in 2020 to more accurately reflect the array of services offered by National Underground Group’s companies. Remaining in the National Underground Group portfolio are Pro-Pipe, Benchmark and Accumark.
“Our original investment in National Underground in 2017 was underpinned by our belief that mitigating underground infrastructure risk was core to preserving our nation’s aging infrastructure,” said said Michael Khutorsky, managing director at ORIX Capital Partners. “We are pleased to facilitate Tri-State and Pipe Vision joining Vortex’s industry leading platform to meet demand in this space as we continue to seek opportunities to add value for our portfolio companies.”
Financial terms of the transaction were not disclosed.
SOURCE – Vortex Companies
