Uintah Engineering & Land Surveying Added to Energy Portfolio
September 09, 2014
Minneapolis, Minnesota – Norwest Equity Partners (“NEP”), a leading middle market investment firm, has announced that it has made a significant investment in Uintah Engineering & Land Surveying (“Uintah” or the “Company”), a leading provider of surveying, drafting, and engineering services to the upstream and midstream oil & gas industry, specializing in the layout and design of well locations, roads, pipelines, evaporation ponds, compressor sites, and all related facilities. NEP purchased Uintah from Moelis Capital Partners in a transaction that closed on August 26, 2014; financial terms were not disclosed.
Brian Allingham, a NEP principal and Uintah board member, stated, “On behalf of the NEP partnership, we are impressed with Uintah’s strong value proposition, long-term customer relationships, industry leadership, and solid financial performance. With a proprietary in-house database of almost 50 years of surveying and field work, Uintah offers outstanding service, quality and accuracy. We look forward to working with Tracy Henline, CEO, and his management team to continue to grow the business.”
Founded in 1964, Uintah is headquartered in Vernal, Utah and operates with a value proposition focused on high-quality, accurate, timely and reliable surveys that are required to obtain permits to drill for hydrocarbons or for infrastructure construction. Uintah employs 200 employees that organize into 75 crews operating across eight basins via 10 regional offices servicing more than 180 national exploration and production (E&P) operators as customers. Uintah exists within an industry that has very attractive market dynamics and favorable growth opportunity, especially with continued momentum in drilling and extraction and ongoing increased U.S. demand. Due to federal, state, and local requirements, land rights and operator data needs, all work within the oilfield services sector requires a survey.
Henline stated, “I am very proud of Uintah’s growth and success over the years and am excited about our company’s future with our new investment partner. Both of our companies have a heritage dating back to the early 1960s, and we share many of the same values, including the importance of maintaining long-standing relationships. NEP’s investment capital and deep industry experience over the years will help Uintah achieve our ongoing growth plans and mission of providing the best surveying, drafting and engineering services possible.”
Tim Kuehl, a NEP partner and Uintah board member, shared, “The Uintah investment is a great fit for our portfolio and nicely aligns with our strategy of partnering with profitable and growing companies within the oil & gas sector, as well as with our continued higher-level focus on the energy infrastructure industry. Uintah is led by a team of great people and offers services that add tremendous value across the board.”
NEP has been investing in middle market companies since 1961 and has experience working with companies within the energy-related sector, including Gopher Resource, Carson Industries, Primary Energy Holdings, and Airpax. More information on NEP and its investment history can be found on www.nep.com.
William Blair & Company and Moelis & Company served as financial advisors to Uintah on the transaction, and financing was provided by GE Capital.
Please visit http://uintahgroup.com/ to learn more.