Vortex expands trenchless tech with Tri-State Utilities, Pipe Vision acquisition
Vortex Companies has announced its acquisition of Tri-State Utilities and Pipe Vision from National Underground Group. Headquartered in Chesapeake, VA, Tri-State is a full-service trenchless infrastructure solutions provider serving the Mid-Atlantic and Southeastern United States. Based in Richmond, VA, Pipe Vision offers advanced pipe cleaning and inspection services for its customer base in the Mid-Atlantic and Southeastern United States regions.
"Tri-State is a longstanding customer of our liner and repair materials and carries an exceptional track record within the industry," said Mike Vellano, CEO at Vortex Companies. "Strategically, geographically, and operationally both companies further strengthen Vortex's focus on building a platform of technologies to serve our customers’ unique needs."
"Given their position in the market and track record of delivering quality services, we believe Vortex is the ideal partner for Tri-State and Pipe Vision's future growth ambitions," added Ram Vela, SVP of Corporate Development at Vortex. "Acquiring and integrating accretive businesses is in our DNA here at Vortex and this acquisition further demonstrates that commitment."
"Our original investment in National Underground in 2017 was underpinned by our belief that mitigating underground infrastructure risk was core to preserving our nation's aging infrastructure. We are pleased to facilitate Tri-State and Pipe Vision joining Vortex's industry-leading platform to meet demand in this space as we continue to seek opportunities to add value for our portfolio companies," said Michael Khutorsky, Managing Director at ORIX Capital Partners.
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