Integrated Pipeline Services Inc. (IPS) has acquired Sheehan Pipe Line Construction Co. Terms were not disclosed.
This is a terrific opportunity for us,” said David Sheehan, longtime CEO of Sheehan and great-grandson of the company’s founder. “The relationship with IPS and IPS’s 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 Pipe Line Construction Company and will also join the Board of Directors of IPS. Rob Riess, current president and COO of Sheehan Pipe Line Construction Company and Kent Schobe, vice president of Engineering, will continue in their respective roles with the company as will the rest of the senior management team. Sheehan, Riess, and Schobe will hold a significant ownership interest in IPS and Sheehan will remain based in Tulsa, OK.
In addition to the Sheehan transaction, IPS announced the formation of IPS Engineering, LLC. IPS EPC will offer engineering, procurement and construction (EPC) service offerings to 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 location to allow for seamless integration of EPC services.