“This transaction represents an important milestone for Avail as we continue to actively manage and optimize the portfolio through the partnership between Fernweh and AZZ in support of long-term value creation,” said Bill Johnson, CEO of Avail. “WSI has been a valued part of the Avail platform, and we believe Pelican is well positioned to support the business in its next phase of growth. We are proud of what the WSI team has accomplished and confident the company is positioned for continued success.”
Mike Scott, Managing Partner and Founder of Pelican Energy Partners, commented, “WSI is a high-quality business with deep technical expertise, strong customer relationships, and a long-standing track record of optimizing the performance and reliability of critical assets, within the energy infrastructure segment. We are excited to partner with the WSI management team and invest behind the company’s growth strategy as it continues to expand its capabilities and deliver value to customers.”
This transaction provides WSI with new ownership that has deep connections in the industry and a track record of supporting service businesses in initiating organic growth strategies and potential acquisitions.
“On behalf of the entire WSI team, I would like to thank Avail, Fernweh, and AZZ for their partnership and support in building WSI into the strong business it is today,” said Bill Ruta, CEO of WSI. “Their commitment to operational excellence and strategic growth has positioned the company well for the future. We are excited to begin this next chapter with Pelican and look forward to working together to continue investing in our people, expanding our capabilities, and delivering exceptional value to the industries we serve.”
Avail engaged Evercore as its sole financial adviser, and Cleary Gottlieb Steen & Hamilton LLP as legal counsel for the transaction. Pelican engaged Troutman Pepper Locke LLP as legal counsel.
About WSI
With over 47 years of experience, WSI is a leading global provider of specialty welding and asset life extension services, offering advanced engineered installation, repair, and maintenance solutions for critical assets.
WSI serves a diversified base of customers across energy and industrial end markets, including power generation, nuclear energy, oil and gas, pulp and paper, waste-to-energy, chemicals, and metals and mining. WSI is recognized for its technical expertise in weld metal overlay, high velocity thermal spray, groove welding and precision automated welding applications, supporting both planned maintenance and emergency response work.
About Fernweh Group LLC
Fernweh is an investment firm launched by leaders from global institutions who have decades of experience working with companies in the industrial and industrial technology sectors on strategy, M&A, and operational transformation.
Fernweh believes that companies in the mid- and small-cap industrial and industrial technology sectors are the engine of the economy. By tailoring cutting-edge management capability, operational and strategic transformation support, and capital for each company’s unique context, history, and needs, Fernweh aims to be a builder of businesses and create value for all stakeholders.
About Pelican Energy Partners
Founded in 2011, Pelican Energy Partners is a Houston-based private equity firm specializing in strategic investments in small- to middle-market, high-growth potential energy service and equipment companies. The firm makes investments in energy equipment and service companies in the oil and gas and nuclear sectors.
For further information, please contact:
David Phillips
WSI
412-977-1339
david.phillips@availinfra.com
