MPE Partners Announces Recapitalization of Precision Pipeline
In August, MPE Partners announced the recapitalization of Lancaster, Ohio-based Precision Pipeline LLC, a provider of critical repair, replacement and maintenance services for utility customers across the gas, electrical, telecommunications and water markets.
Precision Pipeline offers a comprehensive suite of solutions, including horizontal directional drilling, excavation and other underground services.
MPE partnered in the transaction with Matt Upp, who founded Precision Pipeline in 1997 and will remain in his current role as president. To support the business through its next phase of growth, MPE recruited industry veteran Mark Crowson to join the company as chief executive officer.
“We are thrilled to be investing in Precision. The foundation Matt has laid, centered on providing safe, reliable, and high-quality solutions in demanding applications, will serve us well in the future,” said Constantine Elefter, Partner at MPE. “The important addition of Mark to the team will enable the company to pursue new growth avenues, including targeted M&A.”
“MPE’s shared values and vision, as well as its proven track record of providing strategic and operational support to help accelerate growth at entrepreneur-owned businesses, made them the right partner for the company,” says Upp. “I am also pleased to welcome Mark into the organization as we embark on Precision’s next chapter.”
Crowson commented, “Matt has built a premier business with a high performing team and superior reputation. I look forward to building on the strong culture created over the last two decades as we grow the organization.”
PGIM Private Capital and Siguler Guff provided financing to support the transaction. Jones Day served as legal advisor to MPE. Lincoln International provided buyside advisory services to MPE. Terms of the transaction were not disclosed.
SOURCE – MPE Partners