PRODUCTS AND TECHNOLOGIES, RAW MATERIALS
OnPoint Industrial Services and Capstreet | November 29, 2022
Capstreet, a Houston-based lower middle market private equity firm, announced that it has sold OnPoint Industrial Services a specialized provider of safety, logistics and planning services designed to support complex maintenance projects in the refining and petrochemical industries, to MML Capital. Terms of the transaction were not disclosed.
Through acquisitions and organic growth, OnPoint has assembled a comprehensive suite of support services that allow its customers to manage complex maintenance projects more efficiently and safely. Based in Deer Park, Texas, OnPoint's services include project planning and coordination, transportation and logistics, materials management, and safety services.
Capstreet's relationship with OnPoint began in 2015 when it acquired Creative Resource Group (CRG). Subsequently CRG acquired Inotek Safety Consultants and WTMC, eventually rebranding them together as OnPoint. Under Capstreet's ownership, the Company would go on to make three additional tuck-in acquisitions and merge with Certified Safety, expanding its services and footprint under the leadership of a newly created management team.
"When Capstreet made its initial investment, we identified a need for a large-scale, single-source service provider of support services for industrial maintenance projects. We recruited an incredible leadership team to the business and together we successfully sourced and integrated several acquisitions and drove organic growth to create one of the recognized leaders in our industry. This has been a tremendous journey, and we believe OnPoint is positioned for ongoing success with its new owner."
Paul De Lisi, Partner at Capstreet
"OnPoint has transformed over the last few years, adding the services and skills demanded by an evolving industry," said Liz Clark, CEO of OnPoint. "It has been a pleasure working with the Capstreet team to drive this change and expand the Company, and we are excited about what lies ahead."
"Thanks to OnPoint's management team and the hard work of its employees, we were able to create value and grow OnPoint from a small industrial services business to what the Company is today," said Walker Kahle, Senior Vice President of Portfolio Operations at Capstreet. "Congratulations to all involved."
Willkie Farr & Gallagher served as legal counsel and BlackArch Partners was the financial advisor for Capstreet.
About OnPoint Industrial Services
OnPoint Industrial Services' offerings are designed to facilitate the safe and efficient flow of people, materials, and equipment during turnarounds and capital projects. By applying people, process, and technology, OnPoint satisfies the logistics requirement of these complex events.
Founded in 1990, Capstreet invests in lower middle market software, tech-enabled services, and industrial business services companies. With over 45 platform investments and over 200 add-on acquisitions since inception, Capstreet's investment strategy is focused on utilizing its Capvalue Framework™ to help accelerate growth and profitability, and help create long term sustainable businesses. The majority of Capstreet's investments have been with founder- or entrepreneur-owned businesses.
American Chemistry Council | November 29, 2022
As a looming freight rail strike threatens to shut down the U.S. economy, the American Chemistry Council is calling on the White House and Congress to act quickly to keep vital chemical shipments moving.
"Chemical manufacturers are one of the first industries that will be impacted as railroads start restricting service up to a week before a threatened strike. Freight rail transportation is vital for transporting chemicals critical to everyday life, including water treatment, energy production and food production. Shutting down chemical shipments by rail would quickly send shockwaves that would be felt through the entire economy and households across the country."
Chris Jahn, ACC's president and CEO
To prepare for a shutdown, railroads stop accepting "security sensitive shipments" – including certain chemicals - well in advance of a strike. Many chemical facilities would be forced to curtail production or shut down within the first week of a rail service embargo.
Fueling Inflation & Recession
No one would be immune if an actual strike and full shutdown of the rail network were to occur. ACC estimates a strike would put a chill on the entire economy and shove the country into a recession.
According to an economic analysis conducted by ACC, the impact of a potential strike would be felt almost immediately in terms of business shutdowns, scarcity of materials and goods, and lost economic activity. According to the analysis, a strike lasting one month would likely put a major chill on several leading economic indicators through the first half of 2023:
Economic Slowdown: The Gross Domestic Product would contract by one percentage point, which would pull almost $160 billion dollars out of the economy. To put this into perspective, during the financial meltdown in 2008, the economy lost $210 billion dollars through the first half of 2008.
"A rail strike could shove the economy out of recovery mode and into a recession," said Martha Moore, ACC's chief economist. "A prolonged strike would have an exponential effect for each additional month and drag the country into a potential recession much faster."
"This is a preventable crisis that should not fall on the shoulders of American consumers and manufacturers," said Jahn. "President Biden and Congress must act this week on a bipartisan solution based on the terms that labor leaders and railroads agreed to in September."
American Chemistry Council
The American Chemistry Council represents the leading companies engaged in the multibillion-dollar business of chemistry. ACC members apply the science of chemistry to make innovative products, technologies and services that make people's lives better, healthier and safer. ACC is committed to improved environmental, health, safety and security performance through Responsible Care®; common sense advocacy addressing major public policy issues; and health and environmental research and product testing. ACC members and chemistry companies are among the largest investors in research and development, and are advancing products, processes and technologies to address climate change, enhance air and water quality, and progress toward a more sustainable, circular economy.
PRODUCTS AND TECHNOLOGIES, MARKET OUTLOOK
Technip | November 28, 2022
Technip Energies N.V. announces that the liquidity agreement entered into with Kepler Cheuvreux dated July 9, 2021 has been suspended as of November 22, 2022, pending renewal of the resolution of the general meeting of shareholders authorizing share buybacks.
The number of shares and amount allocated as of November 22, 2022, close of trading, to the Liquidity Contract was 8,900 shares and €9,780,454.34. As a reminder, the securities and amounts that were allocated to the Liquidity Agreement as of June 30, 2022, were 207,823 shares and €6,832,747.61.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The Company benefits from its robust project delivery model supported by an extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our clients’ innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts program, with its ADRs trading over-the-counter.