Platform Partners Invests in Progressive Pipeline Management
Platform Partners LLC, a private investment company headquartered in Houston, announced that it completed an investment in Progressive Pipeline Management LLC (PPM).
“PPM has an excellent reputation for technical capability, quality and safety, which provides a strong foundation to continue to support its customers in the ongoing and growing wave of infrastructure restoration,” said Lucas Kuipers, senior vice president of Platform. “We are incredibly excited to partner with PPM to help enable the company’s future growth.”
Headquartered in Wenonah, New Jersey, PPM is the trenchless pipeline rehabilitation expert providing
alternative rehabilitation services to natural gas distribution utilities in the Northeast, Mid-Atlantic and Rust Belt states. PPM’s founder and CEO, Dave Wickersham, will continue to manage the business and retain a large ownership stake in the company.
Founded in 2002, Progressive Pipeline Management pioneered the use of cured-in-place lining (CIPL) to rehabilitate gas distribution pipelines in the U.S. and is the exclusive licensee of the Starline technology system in North, Central and South America.
CIPL involves the insertion of a custom-fit liner within an existing host pipe and enables the rehabilitation of existing infrastructure with minimal disruption to the surface level without the risk of inadvertently intersecting other underground pipelines and utility systems. The technology eliminates current and future greenhouse gas emissions while extending the useful life of the pipeline by 100 years.
“We’re excited to partner with Dave and his entire team to help execute and accelerate their growth
strategy, further entrenching the Starline offering within the infrastructure rehabilitation market
and taking advantage of new market opportunities for further growth,” said Brad Morgan, president of Platform.
With over 200 miles of lined pipe, PPM and Starline CIPL have proven their offering’s critical benefits in urban, highly populated areas for a fraction of the price. PPM also offers a suite of other services serving utilities, including infrastructure camera inspection, pipe cleaning, pigging, in-line robotics and environmental and decommissioning services.
“We are very excited about partnering with Platform. Their proven track record in the infrastructure space combined with their patient investment strategy makes them the perfect partner for our business as we continue to grow and excel over the next 20+ years,” Wickersham says. We look forward to capitalizing on their hands- on approach and expertise to further meet the growing needs of our current and future customers through the use of our exclusive Starline technology. As an initial success of our strategic partnership, we are also happy to announce that we have signed a new 20-year exclusive license agreement with Karl Weiss for Starline in North, Central and South America. We are ready to go.”
Founded in 2006, Platform Partners LLC is a private investment company based in Houston that makes
investments in lower middle-market companies with the intent of growing these businesses into industry leaders through a combination of organic and acquisition growth.
Platform invests through a perpetual holding company structure allowing for a long-term, patient approach to partnering with entrepreneurs to build companies. The company manages total assets of approximately $800 million.
SOURCE – Platform Partners
