Integrated Pipeline Services Inc. announced July 1 that it had completed the acquisition of Sheehan Pipe Line Construction Company.
Terms were not disclosed.
‘This is a terrific opportunity for us,” said David Sheehan, CEO of Sheehan and great-grandson of the company’s founder. “The relationship with IPS and IPS’ financial backer, prominent energy investor GFI Energy Ventures, gives us substantial added capital, resources and expertise allowing us to expand our service offerings and further serve our customers. With the current energy market trends and the financial and operational backing of IPS and GFI, we see an exciting, growth-oriented future for our company.”
David Sheehan will remain CEO of Sheehan and will also join the board of directors of IPS. Rob Riess, current president and COO of Sheehan; Kent Schobe, vice president of Engineering; and the rest of the senior management team will continue in their respective roles. Sheehan, Riess and Schobe will each hold a significant ownership interest in IPS, and Sheehan will remain based in Tulsa, OK.
GFI Energy Ventures’ partner Ian Schapiro stated that, “Growing demand for energy infrastructure and new energy supply sources have created an environment in which we believe Sheehan will prosper.”
In addition to the Sheehan transaction, IPS announced the formation of IPS Engineering. IPS will offer engineering, procurement and construction service offerings (EPC) for their clients. It will be managed by Curt Simkin, Bryan Moses and Tom Alexander.
EPC will be headquartered in Tulsa, OK, and co-located in the Sheehan office building to allow for seamless integration of EPC services.