News & Press

Oct 16, 2023

LOGISTEC Corporation enters into definitive agreement to be acquired by Blue Wolf Capital Partners

LOGISTEC shareholders to receive $67.00 in cash per share pursuant to the transaction

Blue Wolf to Maintain Head Office in Québec With Significant Investment for Future Growth Initiatives

Montréal, Québec, October 16, 2023 – LOGISTEC Corporation (TSX: LGT.A LGT.B) (“LOGISTEC” or the “Corporation”) today announced that it has entered into an arrangement agreement (the “Arrangement Agreement”) with 1443373 B.C. Unlimited Liability Company (the “Purchaser”), an entity owned by certain funds managed by Blue Wolf Capital Partners LLC (“Blue Wolf”) in partnership with Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, pursuant to which the Purchaser will acquire all the issued and outstanding shares of the Corporation for $67.00 in cash per share, representing a total enterprise value of approximately $1.2 billion, subject to customary closing conditions.

The Arrangement Agreement is the culmination of an extensive and robust review of strategic alternatives available to maximize shareholder value that was conducted by a Special Committee of independent directors of the Corporation at the request of its principal shareholder, Sumanic Investments Inc.

The consideration offered under the transaction represents a 61.2% premium to the unaffected 20‑day volume-weighted average trading price per Class A Common Share and a 62.2% premium to the unaffected 20-day volume-weighted average trading price per Class B Subordinate Voting Share on the Toronto Stock Exchange on May 19, 2023, the last trading day prior to the announcement of the strategic review process, and a 14.5% premium to the 20-day volume-weighted average trading price per Class A Common Share and a 9.9% premium to the 20-day volume-weighted average trading price per Class B Subordinate Voting Share on the Toronto Stock Exchange on October 13, 2023.

“Since my father started this business more than 70 years ago, we have grown into industry leaders,” said Madeleine Paquin, President and Chief Executive Officer of LOGISTEC. “As we enter this next phase of our journey, we will continue to build a sustainable future by facilitating trade, handling our customers’ goods safely, and protecting our environment as well as our water resources for the next generation. We see significant opportunity to collaborate with Blue Wolf to drive value creation for our people, our customers, and our communities while rewarding our existing shareholders with an attractive cash consideration providing immediate and fair value for their shares.”

“After a comprehensive and rigorous strategic review process, we are pleased to have agreed terms on a transaction with Blue Wolf that has the full support of LOGISTEC’s Board of Directors and Special Committee,” said J. Mark Rodger, LOGISTEC’s Chairman of the Board of Directors and of its Special Committee. “After careful deliberation, the Special Committee and the Board of Directors have unanimously concluded that the transaction is fair to LOGISTEC’s shareholders and is in the best interests of LOGISTEC and its employees and other stakeholders.”

Logistec will Remain a Quebec Based Business with Significant Blue Wolf Investment

“Blue Wolf is excited to enter the Québec market with this acquisition, which represents excellent prospects for continued growth for both of the Corporation’s business segments and throughout North America,” said Bennet Grill, Principal at Blue Wolf. Natalie Marjancik, Partner at Blue Wolf, added, “We are committed to maintaining LOGISTEC’s core values of quality and innovative services, respect for people and the environment. We look forward to continued growth and working alongside the current management teams in place in Québec and elsewhere.”

Blue Wolf’s business plan is anchored in making significant contributions to the business and to the Québec and Canadian economy, including:

Maintaining LOGISTEC’s head office in the Province of Québec;
Working with the current management teams to drive continued growth in the operations and employment of the business;

Future investment of more than $200 million in capital expenditures and growth initiatives; and

Continuing contributions to current charitable and social causes in Québec supported by LOGISTEC.

Other Investment Partners

Blue Wolf is funding its portion of the purchase price with capital it manages on behalf of its limited partners via private equity fund capital as well as select co-investors, together with an additional preferred investment in the Purchaser by Stonepeak.

“The specialized services LOGISTEC provides through its terminal operations to a diversified global customer base make it a quality infrastructure asset,” said James Wyper, Senior Managing Director at Stonepeak. “Between its Marine Services and Environmental Services business, which is focused on rehabilitating aging water infrastructure and remediating soil, we believe in the compelling opportunities for growth and in the future success of LOGISTEC. We are excited to support the Corporation, in partnership with Blue Wolf, in its next chapter.”

The gouvernement du Québec through Investissement Québec is in discussion with Blue Wolf for a potential investment in the Corporation,” said Guy LeBlanc, President and CEO of Investissement Québec (“IQ“). “IQ’s potential participation in the Corporation will support Blue Wolf’s commitment to maintain LOGISTEC’s headquarters and operations in Québec and to continue to make investments in Québec. We would like to thank and congratulate the Paquin Family for having built a sector champion solidly anchored in Québec.”

LOGISTEC Board Recommendation

LOGISTEC’s Board of Directors has evaluated the Arrangement Agreement with the Corporation’s management and legal and financial advisors, and following the receipt and review of the unanimous recommendation of the Special Committee, the Board of Directors has unanimously determined that the transaction is in the best interests of LOGISTEC and is fair to its shareholders, and unanimously recommends that LOGISTEC’s shareholders approve the transaction.

Each of TD Securities Inc., as exclusive financial advisor to the Corporation, and Blair Franklin Capital Partners Inc., as independent financial advisor to the Special Committee, has provided a fairness opinion to the Board of Directors and the Special Committee, respectively, to the effect that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications stated therein, the consideration to be received by LOGISTEC shareholders under the transaction is fair, from a financial point of view, to such shareholders.

Transaction Details

The transaction will be implemented by way of a plan of arrangement under the Business Corporations Act (Québec) and is expected to close in the first quarter of 2024, subject to customary closing conditions, including the receipt of regulatory approvals and clearances in Canada and the United States, LOGISTEC shareholder approval and Court approval. The transaction is not subject to any financing condition.

Required LOGISTEC shareholder approval for the transaction will consist of at least 66⅔% of the votes cast on the transaction by holders of Class A Common Shares and Class B Subordinate Voting Shares voting together as a single class at a special meeting of LOGISTEC shareholders. Concurrently with the execution of the Arrangement Agreement, the Purchaser has entered into a voting support agreement with Sumanic Investments Inc., holding Class A Common Shares and Class B Subordinate Voting Shares representing approximately 77% of the voting rights attached to the issued and outstanding shares of the Corporation, and voting support agreements with each of the directors and executive officers who own shares of the Corporation, pursuant to which they have agreed to vote all shares held by them in favour of the transaction, subject to customary exceptions.

The Arrangement Agreement contains non-solicitation covenants on the part of the Corporation, subject to the customary “fiduciary out” provisions. A termination fee of $32 million would be payable by the Corporation to the Purchaser in certain circumstances, including in the context of a superior proposal supported by the Corporation. The Corporation would also be entitled to a reverse termination fee of $59 million if the transaction is not completed in certain circumstances.

Following completion of the transaction, the Corporation will become a privately held company and will apply to cease to be a reporting issuer under Canadian securities laws and the Class A Common Shares and Class B Subordinate Voting Shares will no longer be publicly traded on the Toronto Stock Exchange.

Additional information regarding the transaction will be included in an information circular that LOGISTEC will prepare, file and mail to LOGISTEC shareholders in advance of the special meeting to be held to consider and approve the transaction. Copies of the Arrangement Agreement and the information circular will be available under the Corporation’s profile on SEDAR+ on www.sedarplus.ca.

Advisors

TD Securities Inc. is acting as exclusive financial advisor to the Corporation and Blair Franklin Capital Partners Inc. is acting as independent financial advisor to the Special Committee. Rothschild & Co is acting as exclusive financial advisor to Blue Wolf. Stikeman Elliott LLP is acting as independent legal advisor to the Special Committee and Fasken Martineau DuMoulin LLP and K&L Gates LLP as legal advisors to the Corporation. McCarthy Tétrault LLP and Willkie Farr & Gallagher LLP are acting as legal advisors to Blue Wolf. Davies Ward Phillips & Vineberg LLP is acting as legal advisor to Sumanic Investments Inc.

About LOGISTEC Corporation

LOGISTEC Corporation is based in Montréal (QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 60 ports and 90 terminals located in North America. LOGISTEC also offers marine transportation services geared primarily to the Arctic coastal trade as well as marine agency services to shipowners and operators serving the Canadian market. Furthermore, the Corporation operates in the environmental industry where it provides services to industrial, municipal, and other governmental customers for the renewal of underground water mains, dredging, dewatering, contaminated soils and materials management, site remediation, risk assessment, and manufacturing of fluid transportation products.

The Corporation has been profitable and has paid regular dividends since becoming public and payments have grown steadily over the years. A public company since 1969, LOGISTEC’s shares are listed on the Toronto Stock Exchange under the ticker symbols LGT.A and LGT.B. More information can be obtained on the Corporation’s website at www.logistec.com.

About Blue Wolf Capital Partners

Blue Wolf Capital Partners LLC is a private equity firm that focuses on value investments in middle market companies in the healthcare and industrial sectors. The firm’s integrated team of investment professionals and veteran operating executives work collaboratively to generate returns by driving transformational change using operational and strategic experience. Blue Wolf seeks to invest in businesses that have catalysts for value creation that involve organizational transformation, complex union or human capital issues, significant government presence, or the opportunity to use ESG-informed strategies. For additional information, please visit www.bluewolfcapital.com.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $57.1 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, social infrastructure, and real estate. Stonepeak is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney. For more information, please visit www.stonepeak.com.

Early Warning Disclosure

As at the date hereof, Sumanic Investments Inc. (“Sumanic”) owns 5,802,578 Class A Common Shares and 6,600 Class B Subordinate Voting Shares, representing approximately 45% of the issued and outstanding shares of LOGISTEC and 77% of the outstanding votes of LOGISTEC, and currently files early warning reports pursuant to the requirements of Regulation 62-104 respecting Take-Over Bids and lssuer Bids and Regulation 62-103 respecting the Early Warning System and Related Take-Over Bid and lnsider Reporting Issues with respect to LOGISTEC. An amended early warning report, stating that Sumanic has entered into a support and voting agreement with the Purchaser pursuant to which it has agreed to vote, at the special meeting of the shareholders of LOGISTEC, in favour of the arrangement contemplated by the Arrangement Agreement will be filed with the applicable securities commissions and will be made available on SEDAR+ at www.sedarplus.ca. Further information, including a copy of the early warning report may be obtained by contacting Madeleine Paquin, director of Sumanic at 514-237-2949 and Nicole Paquin, director of Sumanic, at 514-212-2325.

Forward-Looking Statements

This press release contains forward-looking information, within the meaning of applicable securities legislation, including statements relating to the anticipated benefits of the transaction for the Corporation and its stakeholders, regulatory, shareholder and Court approvals and the anticipated timing of completion of the transaction. These forward-looking statements express, as of the date of this press release, the estimates, predictions, projections, expectations, or opinions of the Corporation about future events or results, including the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, shareholder and Court approvals, the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the transaction and the completion of the transaction on expected terms, the impact of the transaction and the dedication of substantial resources from the Corporation to pursuing the transaction on the Corporation’s ability to maintain its current business relationships and its current and future operations, financial condition and prospects and statements relating to IQ’s potential participation in the transaction and any potential related undertakings in connection therewith. Although the Corporation believes that the expectations produced by these forward-looking statements are founded on valid and reasonable bases and assumptions, these forward-looking statements are inherently subject to important uncertainties and contingencies, many of which are beyond the Corporation’s control, such that the Corporation’s performance may differ significantly from the predicted performance expressed or presented in such forward-looking statements. The important risks and uncertainties that may cause the actual results and future events to differ significantly from the expectations currently expressed include the possibility that the transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, shareholder and Court approvals and other conditions to the closing of the transaction or for other reasons; the failure to complete the transaction which could negatively impact the price of the shares or otherwise affect the business of the Corporation; the dedication of significant resources to pursuing the transaction and the restrictions imposed on the Corporation while the transaction is pending; the uncertainty surrounding the transaction that could adversely affect the Corporation’s retention of customers and business partners; the occurrence of a material adverse effect leading to the termination of the Arrangement Agreement, as well as the additional risks and uncertainties examined under business risks in the Corporation’s 2022 annual report. The transaction contemplated in this press release is not contingent on IQ’s participation in the transaction. The reader of this press release is thus cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to update or revise these forward-looking statements, except as required by law.

For further information:

Investors
Carl Delisle, CPA auditor
Chief Financial Officer and Treasurer
LOGISTEC Corporation
cdelisle@logistec.com
(514) 985-2390

Media
Marie-Chantal Savoy
Vice-President, Strategy and Communications
LOGISTEC Corporation
Phone: (514) 985-2337
msavoy@logistec.com

For Enquiries about Blue Wolf
Anna Fernandes
Ryan Public Affairs & Communications
anna@ryanap.com
(514) 973-6016

For Enquiries about Stonepeak
Kate Beers / Maya Brounstein
Communications
corporatecomms@stonepeak.com
+1 (212) 907-5100

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May 4, 2021

Blue Wolf Capital Announces Sale of The Mulch and Soil Company

May 4, 2021, NEW YORK – Blue Wolf Capital Partners (“Blue Wolf”), a New York-based private equity firm, today announced that it has sold The Mulch and Soil Company, LLC (“the Company”), a leading manufacturer and distributor of mulch and soil products across the Southeast region of the United States. Terms of the transaction were not disclosed.

Blue Wolf formed The Mulch and Soil Company in 2018 by carving out the mulch division from Suwannee Lumber Company, a former Blue Wolf portfolio company, and merging it with Forestry Resources, Inc. and later K&B Landscapes, two founder-owned businesses in Florida. Under Blue Wolf’s leadership, the Company became one of the Southeast region’s leading manufacturers of premium mulch and soil products with a network that now spans four manufacturing facilities and 165 employees across Florida.

“The Mulch and Soil Company is a quintessential Blue Wolf investment, which involved a complex carveout and integration of three companies and demonstrates the value of our niche sub-sector specializations,” said Adam Blumenthal, Managing Partner of Blue Wolf. “By carving out Suwannee’s mulch division; integrating two founder-run businesses; and recruiting a best-in-class management team comprised of industry veterans, we built a strong platform of scale that is now well-positioned for longterm growth in one of the most attractive U.S. markets for landscape products.”

“Our experience investing in the forest products sector in the U.S. South combined with our expertise in organizational transformations and human capital management enabled us to support The Mulch and Soil Company from its inception through its evolution into the robust platform it is today,” added James Shovlin, Vice President at Blue Wolf. “We are proud to have partnered with Mark West and the entire management team, and we look forward to following the company’s continued evolution in this next phase of its growth.”

“In 2018, Blue Wolf recognized the incredible potential to create and scale a regional leader in landscape products – and with their support, The Mulch and Soil Company has grown into one of Florida’s leading manufacturers and distributors of mulch and soil products. Over the years, Blue Wolf has served as a true partner and their operational expertise has played a critical role in enabling us to successfully integrate three distinct companies and cultures into one cohesive workforce and network of plants across the state,” said Mark West, CEO of The Mulch and Soil Company. “We are excited about the growth opportunities that lie ahead as we continue to expand our platform and meet the growing demand for our products.”

Brown Gibbons Lang & Company LLC served as financial advisor and Robinson Bradshaw served as legal advisor to Blue Wolf in connection with the transaction.

About Blue Wolf Capital Partners
Blue Wolf Capital Partners LLC is a private equity firm that specializes in control investments in middle market companies. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to build value for stakeholders. For additional information, please visit www.bluewolfcapital.com.

About The Mulch and Soil Company
The Mulch and Soil Company is a manufacturer and distributor of mulches, premium soils, decorative bark, and other ground cover products to lawn and garden retailers and commercial landscapers. Headquartered in Fort Myers, Florida, the company operates a network of manufacturing and distribution locations from which it serves customers throughout the southeastern United States. For additional information, please visit www.themulchsoilco.com.

Media Contacts
Jenny Zhu
jenny@bluewolfcapital.com
212.488.3686

Kate Sylvester
ksylvester@sloanepr.com
212.446.1860

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Mar 1, 2021

Blue Wolf Capital Acquires Colson Group

March 1, 2021 – NEW YORK – Today, Blue Wolf Capital Partners LLC (“Blue Wolf”), a New York-based private equity firm, announced its acquisition of Colson Group (“Colson” or “the Company”), a global leader in caster and wheel product solutions. Terms of the transaction were not disclosed.

Colson is one of the largest manufacturers and distributors of casters and wheels in the world, with over 1,600 employees across 30 global facilities in 14 countries. With a large and diverse customer base that includes several Fortune 500 corporations, Colson offers the most comprehensive suite of caster and wheel solutions in the industry. The Company’s products are used in a wide variety of applications across end-markets such as medical, industrial, logistics, retail and e-commerce.

“With its global scale and long-standing roster of blue-chip customers, Colson is the global leader in the highly stable and growing casters and wheels market. In addition, Colson’s large domestic manufacturing footprint combined with its impressive product portfolio uniquely position the company to serve the U.S. market. Over the next few years, we intend to invest significant capital to further enhance Colson’s domestic capabilities,” said Aakash Patel, Principal at Blue Wolf. “We are excited to partner with Tom Blashill and his management team to accelerate long-term growth at Colson.”

“Our track record of transforming industrial manufacturing companies into best-in-class businesses combined with our experience optimizing and strengthening global supply chains position us perfectly to support Colson in the next phase of its evolution. We will seek to unlock value at Colson by both leveraging their strong existing foundation and by utilizing Blue Wolf’s unique skillset,” added Adam Blumenthal, Managing Partner of Blue Wolf Capital. “By implementing our ESG investment framework, we will focus on driving growth at Colson through operational, commercial and organizational enhancements. We look forward to working with the Company on this exciting journey.”

“We are pleased to be partnering with Blue Wolf to build upon the market-leading reputation Colson has developed over its 100+ year history. Not only does Blue Wolf have a successful track record investing in industrial manufacturing businesses, but they also have a team of highly experienced operating professionals who will work alongside us and add value to our management team as we drive further efficiencies in the Company,” said Tom Blashill, CEO of Colson Group. “As we enter this new chapter, Blue Wolf’s support will best position Colson to continue to deliver the innovative products, unmatched customer service and supply chain excellence necessary to support our growing global customer base.”

As a result of the acquisition, Blue Wolf Operating Partner Rich Kobor will join Colson’s Board of Directors alongside Adam Blumenthal and Aakash Patel of Blue Wolf as well as Colson’s CEO Tom Blashill. In addition, Ray Poole, who retired after more than a 25-year career at United Technologies during which he served as CFO of the Carrier Residential and Fire & Security Global Fire Product divisions and most recently, was the Senior Vice President of Operations and CFO for Emcor Facilities Services, will also join the Board.

About Colson Group
Colson Group, a global leader in caster and wheel products, creates and drives solutions that move lives forward. World renowned brands provide specialized mobility for every industry and market. A leading product portfolio and proprietary global value chain deliver unparalleled efficiencies and support. With over 1,600 employees across 30 global facilities, Colson Group is committed to its customers’ success, ensuring proper products are selected or designed from the start, and always keeping the end-users’ safety, efficiency, and happiness in mind. For more information, visit www.ColsonGroup.com.

Media Contact
Kate Sylvester, ksylvester@sloanepr.com; 203-736-7821

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Feb 8, 2021

Blue Wolf Capital Announces Investment in Vicksburg Forest Products

February 8, 2021 – NEW YORK – Today, Blue Wolf Capital Partners LLC (“Blue Wolf”), a New York-based private equity firm, announced its investment in Vicksburg Forest Products, LLC (“VFP” or “the Company”), a manufacturer of Southern Yellow Pine lumber products that operates a sawmill facility in Vicksburg, Mississippi. Terms of the transaction were not disclosed.

VFP’s sawmill produces a diverse mix of dimensional and specialty lumber products. In 2018, the family-owned and operated company underwent a large-scale transformation to convert from a hardwood mill to a softwood mill.

Building upon this transition, VFP recently announced the planned expansion of its operations, which includes a new high-speed chip-n-saw line, two new continuous dry kilns and a variety of other infrastructure projects. Blue Wolf’s investment will support the Company in this expansion that aims to more than double lumber production capacity to approximately 180 million board feet annually and add approximately 60 new jobs. In addition to Blue Wolf’s investment, the Company has received federal, state and local grants and incentives to support this expansion. The project is under construction with completion anticipated in the summer of 2021.

VFP’s Owner and Manager Billy Van Devender and the current management team will continue to lead the business going forward. As a result of the investment, Charlie Miller and James Shovlin of Blue Wolf will join the Company’s Board of Directors.

“As active investors in the U.S. South forest products sector for over a decade, we recognized VFP as a best-in-class facility with high-quality equipment and infrastructure already in place, making it an ideal candidate for expansion. Located in one of the most robust wood baskets in the U.S. South, the mill is well-positioned for growth with convenient access to both an abundant supply of raw materials and major throughfares to access its customers,” said Charlie Miller, Partner at Blue Wolf Capital. “We are excited to support Billy and VFP’s highly-regarded management team in expanding operations and driving long-term growth for the business.”

“Given our track record investing in sawmills in rural communities across the U.S. South and our recent experience restarting a mill in the region, the opportunity to partner with Billy and his team on this expansion made VFP an ideal investment for Blue Wolf,” added Adam Blumenthal, Managing Partner of Blue Wolf Capital. “We look forward to partnering with the VFP team in enhancing operations and governance to best meet the needs of their growing customer base in this robust market.”

“As we embark on this next phase of growth, we are thrilled to partner with Blue Wolf, a firm that has a deep track record and network across the forest products industry. Blue Wolf’s experience working hand-in-hand with local governments and communities like ours combined with their understanding of our customers and long-term vision make them a great partner for us,” said Billy Van Devender, Owner and Manager of VFP. “With this partnership in place, we remain focused on expanding our business to become one of the most diverse mills in the Southeast to best support our customers.”

Raymond James Ltd. acted as financial advisor to VFP in connection with the transaction.

About Vicksburg Forest Products, LLC
Vicksburg Forest Products, LLC is headquartered in Jackson, Mississippi and offers customers a wide variety of dimensional and specialty lumber products through its sawmill operations located in Vicksburg, Mississippi. The Company’s facility underwent a large-scale transformation in 2018 and VFP is now embarking on its next phase of growth, with significant upgrades throughout the mill that will expand production capacity to 180 million board feet by the summer of 2021. Family-owned and operated, VFP is Page 2 of 2 dedicated to its employees who are passionate about delivering unmatched, high-quality lumber from a world-class manufacturing facility.

Media Contact
Kate Sylvester, ksylvester@sloanepr.com; 203-736-7821

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Jan 25, 2021

The State Group Names Michael Lampert as Chief Executive Officer

NASHVILLE, Tenn. – January 25, 2021 – Today, The State Group Inc., a leading multi-trade industrial contractor providing quality maintenance, repair and construction services, announced the appointment of Michael Lampert as Chief Executive Officer, effective immediately. Mr. Lampert brings over 20 years of senior leadership experience across the manufacturing, construction and service industries.

Founded in 1961, The State Group operates 20 offices throughout the United States and Canada. The company employs over 1,200 construction professionals and support staff and performs over 2 million man-hours annually of construction, retrofit, maintenance, and emergency services. In April 2018, The State Group was acquired by Blue Wolf Capital Partners, a New York-based private equity firm, and Yellow Point Equity Partners, a Vancouver-based private equity firm.

“I’m excited to join The State Group, a company that has built an impressive track record as a leader in the industrial and engineering services sector and a trusted long-term partner for many Fortune 100 companies,” said Michael Lampert, CEO of The State Group. “I’m looking forward to working closely with the management team to continue to provide best-in-class service to our clients while growing the business.”

Prior to joining The State Group, Mr. Lampert served as the President and CEO of GrayWolf Industrial, a specialty construction, maintenance and fabrication provider. During his tenure at GrayWolf Industrial, he also held the roles of Chief Operating Officer and Chief Financial Officer, overseeing all operations including sales, estimating, execution, safety, quality and human resources. Previously, he also served as the President of Integrated Energy Technologies, a turbine component manufacturing company that was founded as a result of CitiGroup Venture Capital’s acquisition of the Evansville Division of Rolls Royce Aerospace.

“We are pleased to welcome Michael to The State Group as he not only brings decades of experience leading companies across the industrial sector, but he also has a demonstrated track record of driving growth while working closely with private equity partners,” said Arthur Cabrera, Executive Vice President and CFO of The State Group. “I’m excited to work alongside Michael as we continue to grow our business while upholding the highest safety and quality standards that we are known for across our projects.”

“Michael’s expertise integrating sales, engineering, manufacturing and finance coupled with his experience in high value manufacturing positions him well to drive success at The State Group,” said Marc Dumont, former CEO and current board member at The State Group. “We are excited to have Michael joining the leadership team and are confident his background will be a tremendous value-add to the company.”

About The State Group
The State Group is a leading North American multi-trade industrial and specialty services contractor. Established in 1961, the company provides comprehensive electrical and mechanical trade services to Fortune 100 companies in the power generation, automotive, oil and gas, communications, metals and transportation industries. The State Group performs over two million man-hours annually of retrofit, maintenance, construction and emergency services and maintains a tooling and equipment inventory to support its skilled workforce. The company has offices across the United States and Canada and is ISO 9001:2015 registered. For more information, please visit www.stategroup.com.

Media Contact
Kate Sylvester, ksylvester@sloanepr.com; 203-736-7821

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Nov 24, 2020

Petrosmith Acquires Wellflex Energy Solutions

ABILENE, Texas & FORT WORTH, Texas — Petrosmith, a leading provider of production equipment and oilfield tubular goods, has acquired the assets of Wellflex Energy Solutions, LLC (“Wellflex” or the “Company”), a leading engineering, procurement and construction management company.

Wellflex, headquartered in Fort Worth, Texas, utilizes the latest in design technology to assist in detailed engineering, fabrication and project management to provide customers with the most efficient, fit for purpose equipment.

Chris Thomas, CEO of Petrosmith, said, “We believe Wellflex’s design and project management solutions are best-in-class and will be in high demand as the energy sector gets back on track. Combining the Wellflex process with Petrosmith’s quality fabrication and services will provide our operators and customers an efficient and effective process to reduce facility expenses as the market returns. We are excited to add the Wellflex team to Petrosmith as we steer the company towards long-term success.”

“Our successful sale to Petrosmith is a testament to our team’s collective effort to be the best in providing high quality, design, engineering, fabrication and construction management for our customers,” said Nick Klaus, President of Wellflex. “We’re excited to join Petrosmith as we begin the next chapter of Wellflex’s growth and success.”

“The addition of Wellflex provides an exciting opportunity to partner with a company aligned with our own values in prioritizing quality of service,” said Michael Duffy, President of Petrosmith. “Wellflex has a strong brand built on a foundation of nearly 15 years of high-quality service.”

About Petrosmith
Founded in 1983 as Smith Pipe of Abilene, Petrosmith is dedicated to efficiently designing and manufacturing high-quality, innovative and reliable products for the oil and gas industry. Smith Pipe of Abilene transitioned to Petrosmith to better reflect the variety of offerings and expanded footprint in the industry. Petrosmith is a service-oriented, technologically advanced company, dedicated to time-honored traits of efficiency and high quality in the design and manufacture of products for today’s and tomorrow’s oil and gas industry. For more information, visit petrosmith.com.

About Wellflex Energy Solutions, LLC
Wellflex Energy Solutions was founded in 2006 in the heart of the Barnett Shale during one of the most innovative periods in energy industry history. Wellflex was created to deliver quality products on time and improve efficiencies of pad site construction, providing solutions from a standard bare vessel to a fully customized ModFlex™ pad site. With over 100 years of production and process equipment experience, Wellflex is an industry leader in modular production equipment solutions. For more information, visit wellflex.com.

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Oct 2, 2020

Blue Wolf Capital Closes on Sale of Pharmaceutical Strategies Group’s 340B Business to Omnicell

PSG’s market-leading 340B Link business is being sold for $225 million nine years after Blue Wolf’s initial investment

PSG built an innovative program providing significant funding to safety net hospitals

Investment reflects Blue Wolf’s long-term, ESG-driven approach

October 2, 2020, NEW YORK – Today, Blue Wolf Capital Partners (“Blue Wolf”), a New York-based private equity firm, announced the completion of the sale of Pharmaceutical Strategies Group’s 340B business (“PSG”) to Omnicell, Inc. (NASDAQ:OMCL), a leading provider of medication management solutions and adherence tools for health systems and pharmacies. PSG’s 340B Link business is being acquired for $225 million, and the sale marks the exit of Blue Wolf’s last portfolio company in Blue Wolf Capital Fund II. Additional terms of the transaction were not disclosed.

Blue Wolf invested in PSG in 2011 in a rapidly changing healthcare environment. Building on vast regulatory expertise, and backed with Blue Wolf’s capital, PSG partnered with safety net hospitals to implement solutions to set up and administer a recently expanded federal program known as 340B, which today delivers a $14 billion annual lifeline from drug manufacturers to America’s rural and urban safety net hospitals. Blue Wolf’s long-term investment and focus on human capital and organizational transformation helped PSG become the industry leader in this vital part of America’s healthcare infrastructure.

“With our government and hospitals facing enormous financial pressure during the COVID-19 crisis, the value of funding from the 340B program enabled by PSG’s 340B Link solutions to hospitals that care for America’s most vulnerable population has been demonstrated more clearly than ever before. We’re incredibly proud to have partnered with David Borden and PSG to build this important business,” said Adam Blumenthal, Managing Partner at Blue Wolf. “PSG’s growth over the last nine years illustrates the benefit of being a long-term partner. It also showcases how we use our ESG lens to create value both for our investors and for society. This is an exciting time for the PSG business, and we see Omnicell as an ideal partner for its next phase of growth.”

“Blue Wolf has been a tremendous partner for PSG and has provided us with the necessary support and resources every step of the way as we built our 340B business,” said Dave Borden, Chief Executive Officer of PSG. “The Blue Wolf team’s knowledge of the complexities of the pharmaceutical marketplace and the broader healthcare value chain were essential in building this business, and we look forward to further expanding upon this growth with Omnicell.”

About Pharmaceutical Strategies Group (PSG)
For more than 25 years, Pharmaceutical Strategies Group (PSG), based in Plano, Texas, has been relentlessly advocating for clients as they navigate the complex and ever-changing challenges of drug cost management. PSG’s innovative consulting and technology solutions, including the proprietary data and analytics platform, Artemetrx, deliver actionable insights with exceptional financial and clinical value. As the largest independent pharmacy benefit consulting firm in the U.S., PSG functions as a strategic partner to self-insured employers, health plans, brokers, coalitions, and health systems, generating more than $4.8 billion in drug cost savings each year. For more information, please visit www.psgconsults.com.

About Omnicell
Since 1992, Omnicell has been committed to transforming the pharmacy care delivery model to dramatically improve outcomes and lower costs. Through the vision of the Autonomous Pharmacy, a combination of automation, intelligence, and technology-enabled services, powered by a cloud data platform, Omnicell supports more efficient ways to manage medications across all care settings. Over 6,000 facilities worldwide use Omnicell automation and analytics solutions to help increase operational efficiency, reduce medication errors, deliver actionable intelligence, and improve patient safety. More than 40,000 institutional and retail pharmacies across North America and the United Kingdom leverage Omnicell’s innovative medication adherence and population health solutions to improve patient engagement and adherence to prescriptions, helping to reduce costly hospital readmissions. To learn more, visit www.omnicell.com.

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May 21, 2020

ClearSky Health Opens New Inpatient Rehabilitation Hospital in Rio Rancho, New Mexico

Expected to bring about 100 additional jobs to community

ClearSky Health, a rehabilitative healthcare provider, today announced plans to open an inpatient rehabilitation hospital in Rio Rancho, New Mexico. It’s expected to create about 100 new healthcare related jobs locally.

The hospital, called ClearSky Rehabilitation Hospital of Rio Rancho, will provide post-acute rehabilitative care to individuals living with disabling injuries or illnesses such as strokes, brain injuries, hip fractures, Parkinson’s disease, or other debilitating events.

ClearSky Health signed a lease agreement with Westside Blvd. Capital Group, LLC, for the facility located at 2401 Westside Boulevard SE. Renovations will begin on the 33,292-square-foot building this month, with plans to admit the first patient in late fall.

“Sandoval Economic Alliance has worked with ClearSky Health since 2019, and we are thrilled to see our collaborative efforts come to fruition,” says Bridget Condon, Director of Business Development, Sandoval Economic Alliance. “This is a win for Rio Rancho and the surrounding communities not only because of the jobs ClearSky Health will create, but because of the quality care and services they will provide. ClearSky Health is a perfect example of the top-notch businesses that our community can attract. Their commitment to Rio Rancho bolsters our already strong healthcare reputation that companies and employees in all sectors find attractive. We are excited to celebrate their announcement today as well as their successes to come.”

“The assistance provided by the Sandoval Economic Alliance was imperative to our due diligence process,” says Darby Brockette, CEO of ClearSky Health. “We appreciate their support and that of the local community and medical leadership in helping us select the Rio Rancho location. The area currently has an unmet need for rehabilitative services that’s expected to grow as the area’s population continues to increase. We feel we can positively impact the community by providing a higher, specialized level of rehabilitative care that allows individuals to remain closer to their homes, families, and primary care providers.”

ClearSky Rehabilitation Hospital of Rio Rancho will consist of 25 private patient rooms and is expected to treat about 600 patients annually. Physician-led rehabilitative services will include physical, occupational, and speech therapy; rehabilitative nursing; case management; respiratory therapy, dietary services, and other specialized care.

“In addition to our inpatient services, we will continue to coordinate and manage our patients’ ongoing healthcare needs after they leave the hospital,” Brockette says. “This can include outpatient therapy, case management, or other services as needed.”

ClearSky Health is a premier rehabilitative healthcare provider that collaborates with healthcare facilities to improve, expand, or introduce rehabilitative services to communities served. Its management team has expertise in design, development, implementation, and operation of rehabilitative services.

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Oct 21, 2019