DALLAS, DENVER, and TORONTO, Oct. 24, 2024 /CNW/ -- BP Energy Partners, LLC ("BPEP"), a Dallas, Texas based investment manager, has closed on a growth investment in Novitech, Inc. ("Novitech" or "the Company"), a leading inline pipeline inspection technology and data analytics company. The transaction represents the first investment in BPEP's Fund III.
Founded in 2015 with capital and support from the Campos Family of Companies, Novitech has established itself as a market leader in developing and providing inline inspection technology for pipelines. Over the last 9 years, the Company has strategically developed and commercialized its proprietary and modular Micron technology by sequentially addressing complex integrity threats with strong industry support. Today, Novitech's Micron technology delivers critical flaw detection capabilities, including cracking, for both liquids and natural gas pipelines in a single run. This capability represents a differentiated value proposition to operators of essential pipeline infrastructure and enables better safety and risk-based integrity management decision making.
"Novitech's disruptive technology is critical to ensuring the longevity of our pipeline infrastructure," said Marco Campos, Founder and Executive Chairman of Campos Holding Company and Co-Founder of Novitech. "We've worked hard to develop Novitech and this leading technology to revolutionize the industry. We look forward to working with BPEP to grow Novitech to its full potential." The Campos Family of Companies are thankful to Ron Thompson, our employees, and to all the Campos clients that have helped us to grow and mature Novitech and its industry-leading technology. Campos will maintain a significant minority position in Novitech. Proceeds from the transaction will support Campos' expansion of its seven other companies and further its philanthropic work in the community through The Campos Foundation.
"I'm extremely proud of what we've accomplished and built over the term of our partnership with Campos thus far," said Ron Thompson, Co-Founder, President, and CEO of Novitech. "Novitech is uniquely positioned to compete in the marketplace, and we look forward to leveraging BPEP's financial and strategic expertise to further scale our growth-focused company and address the needs of our customers."
"We are proud and excited to be partnering with Novitech and Campos," said Michael Watzky, BP Energy Partners' Co-Founder and Managing Partner. "Ron and Marco have built an exceptional company based on technology-enabled solutions that advance pipeline diagnostics and risk assessment to higher standards."
"We look forward to working with Novitech and the Campos organization to build upon past success and grow the Company at a point in the cycle where existing infrastructure continues to age and scrutiny around new pipeline infrastructure is persistent" said Dennis Hamilton, Managing Director at BP Energy Partners. "This paradigm suggests regulation and integrity management will support useful life extension, which is expected to drive continued spending on integrity in favor of comprehensive solutions, such as Novitech."
Greenberg Traurig, LLP and Torys LLP served as legal counsel to Novitech in connection with the transaction. Ropes & Gray LLP and The Garden Law Group acted as legal counsel to BPEP.
About Novitech
Novitech, Inc. is an inline pipeline inspection technology and data analytics company capable of detecting, sizing, and identifying damage mechanisms, including deformations, complex corrosion, and cracking, in liquids and natural gas pipelines through its proprietary and modular Micron technology. Founded in 2015, by Ron Thompson and Marco Campos, the Company is headquartered in Toronto, ON and has a U.S. based operations center in Commerce City, CO. In 2024 the Company was awarded PPIM's Innovation Award for Integrity Management of Off-Axis Stress Corrosion Cracking (SCC) by Direct Detection through an in-line inspection (ILI) system & Engineering Assessment. For more information, visit www.novitechinc.com.
About Campos Holding Company
Campos Holding Company includes a portfolio of eight industry leading energy infrastructure companies serving North America. Headquartered in Denver, CO and established in 2005, the Campos Family of Companies provide feasibility through commissioning solutions and O&M support for our clients. Campos Holding Company has 30+ offices with 800+ employees. Centered on our core values and approach to doing business, we elevate the communities we serve while at the same time performing best in class service. For more information, visit www.camposcompanies.com.
About BP Energy Partners
BP Energy Partners is a Dallas, Texas based lower-middle market private equity firm that invests alongside entrepreneurs, family-owned businesses, and companies through growth equity and buyout transactions. The firm focuses on energy and energy-intensive industries and companies that generate returns and reduce emissions. Investment themes include Value-Add Infrastructure, the Natural Gas Value Chain, Electrification, and Environmental Management. Founded in 2013 and initially sponsored by T. Boone Pickens, BPEP manages over $700 million in committed capital. For more information, visit www.bpenergypartners.com.
SOURCE BP Energy Partners
Contacts: Novitech, Mark Elliott, 713-497-6886, [email protected]; Campos Holding Company, Sebastian Agdur, 646-858-5803, [email protected]; BP Energy Partners, For investors/media: Tom DeFranco, 216-390-4200, [email protected]
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