SEDRO-WOOLLEY -- Snelson Companies Inc., which provides industrial construction services, announced today that GFI Energy Ventures has acquired a majority interest in the company.
The company will remain based in Sedro-Woolley with the current management team. Terms of the investment were not disclosed.
Snelson is a provider of pipeline construction and maintenance services, compressor and meter station construction, gas distribution services and high pressure pipe fabrication.
“We are pleased to partner with Snelson and play a role in supporting the Company’s next phase of substantial growth in revenues and profitability,” Ian Schapiro, a partner of GFI Energy Ventures, said in a press release. “ ... High energy prices, growing demand for energy infrastructure and new energy supply sources have created an environment in which we believe Snelson will prosper.”
Snelson CEO John Norton stated that the acquisition will provide additional capital and resources for Snelson. “With the current energy market trends and the financial and operational backing of GFI Energy Ventures, we see an exciting, growth-oriented future for our company.”
GFI Energy Ventures, based in Los Angeles, is a private equity firm and the co-general partner with Oaktree Capital Management of the approximately $1.5 billion OCM/GFI Power Opportunity Funds. GFI invests in businesses that provides equipment and services to utilities and other energy companies.
Learn more about Snelson at http://www.snelsonco.com or GFI at http://www.gfienergy.com.
L.A.-based company acquires majority interest in Snelson Cos.
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Staff Report | Skagit Valley HeraldJuly 09, 2008 - 01:45 PM
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