Universal Plant Services Announces Strategic Minority Investment by Oaktree Capital Management, LP - Cochrane Times Post | Canada News Media
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Universal Plant Services Announces Strategic Minority Investment by Oaktree Capital Management, LP – Cochrane Times Post

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HOUSTON — Jones Industrial Holdings, Inc. (“JIH”), the parent company of Universal Plant Services and its affiliates (“UPS” or the Company), announced today that funds managed by Oaktree Capital Management, LP (“Oaktree”), a leader among global investment managers, have completed a non-controlling investment in JIH. The proceeds were used to purchase a minority investment previously held by MML Capital Partners and to provide the Company with capital for further growth. Additional terms of the transaction were not disclosed.

Bradley Jones, Co-Chief Executive Officer of JIH, said, “Our new partnership with Oaktree not only strengthens our financial position for future growth strategies, but also enhances the leadership and expertise of our existing team, ultimately enhancing the value we bring to our current and future customers.”

UPS’s mission is to provide world-class integrated specialty services designed to maximize the performance of critical energy assets. The Company serves owners of various types of energy infrastructure through eleven service offerings, providing maintenance, repair and installation services for rotating, fixed, reciprocating and electrical equipment. The Company will continue to acquire, integrate and enhance client operations across the spectrum of its specialty services.

“The UPS team is known for its agility and commitment to grow the Company in ways that are important to our customers, especially as markets evolve,” said Reagan Busbee, President and Chief Operating Officer of UPS. “Our partnership with Oaktree exemplifies our relentless pursuit to strengthen UPS across our management platform for financial, operational and procedural excellence, thus furthering our ability to cultivate our internal team and provide best-in-class services to our clients,” said Busbee.

Michael Cardito, Managing Director and Co-Portfolio Manager of Oaktree’s Power Opportunities strategy, said, “UPS has a proven track record of smart, strategic growth aimed at enhancing its offerings to customers. We’ve known the UPS team for more than a decade and we’re thrilled to partner with the Company at this exciting point in its history. We are excited to bring our capital, industry relationships and complementary portfolio companies to actively support UPS in its continued expansion.”

“UPS is grateful to MML Capital Partners who has been a trusted partner since 2016 and supported our management team over the past four years,” said Stewart Jones, Co-Chief Executive Officer of Jones Industrial Holdings.

Mark Evers, a Partner at MML Capital Partners, said, “UPS is an impressive industrial services platform that has grown significantly in recent years. It has been our pleasure to work with the senior leadership team and the Board. We wish them continued success in the years ahead.”

About Universal Plant Services

Universal Plant Services, a Jones Industrial Holdings company, is one of North America’s largest comprehensive specialty service providers for the energy industry — providing maintenance, repair and installation services for rotating, fixed, reciprocating and electrical equipment. With headquarters in Houston, Texas, UPS employs 3,000 highly trained individuals with 16 full-service facilities that specialize in daily maintenance, turnarounds and capital projects. For more information, please visit universalplant.com.

About Jones Industrial Holdings

Jones Industrial Holdings, headquartered in Houston, Texas, is a privately held holding company for Universal Plant Services and its affiliates. UPS is one of the largest specialty service providers for rotating and fixed equipment to the refining, petrochemical, power generation and offshore industries in the United States. For more information, please visit jonesindustrial.com.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments with $122 billion in assets under management as of June 30, 2020. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree’s website at oaktreecapital.com.

About MML Capital Partners

Since 1988, MML Capital Partners has invested more than $2 billion through its affiliated funds in more than 100 companies in the United States, United Kingdom and Europe. During this time, we have worked as an active financial partner to grow middle market businesses through organic expansion, add-on acquisitions and other strategic initiatives. Our focus is to back leading management teams who own a meaningful equity stake and seek a key financial partner to take their business to the next stage of evolution. For additional information, please visit mmlcapital.com

Contacts

Paul Stouffer
Vice President of Corporate Development
Universal Plant Services
832.540.2468

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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