Cross Country Pipeline Supply Co., a leading equipment and supplies provider to the domestic oil and gas pipeline construction industry, said today that it has acquired Power Associates International, a hydrostatic equipment provider to the pipeline market. Financial terms of the transaction were not disclosed.
Based in Houston, PAI manufactures and assembles hydrostatic testing systems and components that are rented or sold to a range of customers active in the pipeline industry, including contractors, pipeline owners and testing/maintenance firms. PAI maintains a rental fleet of more than 370 units and sells newly manufactured products.
“PAI is an important addition to Cross Country as we seek to broaden and deepen our client relationships,” said Gerry Plescia, CEO of Cross Country. “PAI diversifies our product offerings and expands our services into the integrity, testing and maintenance market. We are very excited to partner with Jim and the team at PAI to further strengthen the service we provide to our combined client base.”
“Cross Country is an ideal partner for PAI that will help us to expand our industry-leading position,” said Jim Hodde, president of PAI. “I am pleased to partner with Gerry and the executive team at Cross Country to build the value of our business and serve the pipeline industry at this exciting time.”
Hodde and his management team will remain with PAI after the deal is closed.
Cross Country, a portfolio company of Odyssey Investment Partners, is based in Aurora, Colo., with branches in Pennsylvania and Texas.