IOS acquires Castronics
IOS, a Calvert Street Capital Partners ("Calvert Street") portfolio company, completed the acquisition of Castronics, LLC ("Castronics").
IOS is a leading provider of non-destructive testing, inspection and cleaning services for oil country tubular goods (“OCTG”), drill pipe and drill tools. Based in Kimball, Nebraska, Castronics (www.castronicspipe.com) is an API licensed premier provider of OCTG threading, repair and storage services to pipe mills, distributors and E&P companies operating in the Rocky Mountains and Upper Midwest.
The combination expands and enhances the array of services that IOS is able to offer its customers, significantly extends its serviceable geographic footprint and provides the scale necessary to become the leader in many of its markets. With 21 fixed locations across Louisiana, Texas, Pennsylvania, Ohio, West Virginia, Kansas and now Nebraska, as well over 45 mobile inspection teams, IOS is now the second largest non-destructive testing, inspection and repair company serving the upstream oil and gas market.
Kevin McKay, CEO of IOS, commented that “Castronics is a great company with an outstanding reputation and a culture and drive that fits well with IOS. This combination represents an incredible opportunity for both companies to better serve our customers.”
Brian Guerin, Principal at Calvert Street noted, “Castronics represents our third strategic add-on acquisition into the IOS platform in a year, bringing highly complementary services and access to some of the most prolific exploration and production regions in the US. Situated at the gateway to the Bakken, Niobrara and Rocky Mountain shale plays, Castronics represents a very important part of the IOS strategy of becoming the leading inspection and value-added pipe service provider in all of the major domestic US oil and natural gas shale plays.”