Thorpe Specialty Services completes recapitalization with KLH Capital

HOUSTON, August 29, 2022 /PRNewswire/ — Thorpe Specialty Services (“Thorpe”) is pleased to announce the completion of a corporate recapitalization by KLH Capital (“KLH”) of The CapStreet Group (“CapStreet”). The objective of this recapitalization is to provide the resources necessary for Thorpe to continue its growth trajectory and strengthen its position as a leader in corrosion, refractories and other specialized services in the chemical, petrochemical, agrochemicals, energy, pulp and paper, natural resources, oil and gas, metals and mining, and other heavy industries.

Founded over 65 years ago, Thorpe is a leading provider of maintenance and engineering services and solutions for corrosion, refractory, scaffolding and insulation, with in-house knowledge of critical equipment . The integration of coordination of technical and engineering requirements, design of solutions, fabrication and supply of required materials, and completion of installations with experienced project management and highly skilled field teams sets Thorpe apart. .

KLH prides itself on providing the resources mid-market industrial companies need, while being management’s partner of choice to together ensure the future success of all stakeholders. KLH’s unique approach of providing resources, expertise, capital investment and planning for specialty services, value-added distribution and niche manufacturing businesses has proven itself time and time again.

“We are very pleased to partner with James Darnell and the KLH team to propel Thorpe into the future,” said Chad Fletcher, CEO of Thorpe. “Thorpe and KLH share a passion for the valued role we both play as trusted partners; Thorpe as the expert in maintenance planning and solutions that our key customers have come to expect to sit at the planning table; and KLH not only as a financial resource, but as expert business owners and managers who add value to the development of the future of the businesses in which they invest.”

“We are delighted to welcome Chad and the entire Thorpe team to the KLH family. The company and management team have done a fantastic job of positioning themselves to capitalize on the tremendous set of opportunities ahead. to them, and we look forward to supporting Thorpe and its employees as we continue to build on their vision.” said James Darnell, Partner at KLH Capital. “The team is the most important asset, and we are honored to join Thorpe, as true partners, in the next phase of the company’s exciting journey.”

Thorpe’s highest core value is people, for there is no greater commitment Thorpe can make than to the safety of ours, our customers and other contractors. Thorpe’s greatest success—exceeding 3 million hours of safe work with zero recorded incidents or lost time—stems from actively pursuing the safety of others, born from a base of caring about people.

If you would like to know more about Thorpe, please contact Alicia Duton at [email protected].

About Thorpe Specialty Services

Thorpe Specialty Services is a leading provider of specialty services to the energy and industrial markets for maintenance and engineering for corrosion, refractories, scaffolding and insulation. Customers turn to Thorpe for recurring specialist services related to the maintenance of critical infrastructure assets operating in high temperature and highly corrosive environments. From Fortune 500 companies to independent producers and EPCs in oil and gas, chemical, power, pulp and paper, mining and other energy-intensive industries, Thorpe is a trusted partner. to extend the life cycle of equipment and increase productivity in refineries, chemicals, petrochemicals and industry. plants.

About KLH Capital

Founded in 2005, KLH Capital is a private equity firm serving lower middle market companies in the specialty services, value-added distribution and niche manufacturing sectors. The company makes majority and minority equity investments in U.S.-based companies to support company growth plans, provide ownership opportunities for key executives, and enable owners to reap value from their businesses. Our commitment goes beyond financial support as we believe in building a collaborative team of peers, all of whom have a role to play in the progress of the business. When we combine management’s industry and operational expertise with our own, the full potential of the business is unleashed and value is created. Since its creation, KLH Capital has raised $520 million. To learn more about our investment approach, please visit our website: www.klhcapital.com.

About Capstreet

Founded in 1990, Capstreet invests in lower middle market software, technology services and industrial business services companies. With over 45 platform investments and over 200 follow-on acquisitions since inception, Capstreet’s investment strategy is focused on using its Capvalue Framework™ to accelerate growth and profitability, and build sustainable businesses at long term. The majority of Capstreet’s investments have been made in companies owned by founders or entrepreneurs. For more information, visit the Capstreet website, www.capstreet.com.

SOURCEThorpe

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