Snelson Cos. Bought by GFI Energy Ventures

Sept. 1, 2008
Snelson Cos. Inc., a leading provider of pipeline construction and maintenance services, compressor and meter station construction, gas distribution services, and high pressure pipe fabrication, announced in mid-July that GFI Energy Ventures LLC has acquired a majority interest in the company.

Sedro-Woolley, Wash. — Snelson Cos. Inc., a leading provider of pipeline construction and maintenance services, compressor and meter station construction, gas distribution services, and high pressure pipe fabrication, announced in mid-July that GFI Energy Ventures LLC has acquired a majority interest in the company. Terms of the investment were not disclosed. The company will remain based in Sedro-Woolley, Wash., with the current management team.

Snelson is ranked as the country's 34th largest mechanical contractor in CONTRACTOR's annual Book of Giants with revenues of more than $137 million (May, p. 32).

“This is a terrific opportunity for us,” said John Norton, CEO of Snelson. “The GFI relationship 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 GFI Energy Ventures, we see an exciting, growth-oriented future for our company. We

believe our commitment to quality, safety and customer service coupled with the added resources of GFI will position Snelson to continue to grow the services we offer to our valued customers.”

“We are pleased to partner with Snelson and play a role in supporting the company's next phase of substantial growth in revenues and profitability,” said Ian Schapiro, a partner of GFI Energy Ventures. “Snelson's reputation for high-quality construction, safety and responsive customer service makes it an excellent platform to capitalize on growth in the industry. High energy prices, growing demand for energy infrastructure and new energy supply sources have created an environment in which we believe Snelson will prosper. For these reasons, GFI Energy Ventures is delighted to add Snelson to our portfolio of industry-leading companies.”

Snelson Cos. Inc. (www.snelsonco.com) was founded in 1946 and provides a full range of industrial construction services, including gas and liquid fuel pipeline construction and maintenance, mechanical

construction including compressor and meter stations, gas distribution installations, steel fabrication, and related services. The company's services are used by blue-chip companies through the U.S.

GFI Energy Ventures LLC (www.gfienergy.com) is a private equity firm that has initiated and led more than 60 investments in the energy sector over the past 13 years. GFI is based in Los Angeles.

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