Keystone Capital, Inc. (“Keystone”) is pleased to announce that its portfolio company Eagleton Engineering, LLC (“Eagleton”) has been acquired by Jacobs Engineering Group Inc. (“Jacobs”). Terms of the transaction have not been disclosed.
Eagleton is a full service engineering firm offering planning, design, and construction services for transportation systems and facilities used in natural gas and gas liquids, petrochemicals, carbon dioxide, other industrial gases and crude oil. Over a history spanning nearly five decades, Eagleton has developed a leading reputation for designing and managing the construction of pipelines, terminals, compressor and pump stations, oil and gas production and processing facilities, slug catchers and two-phase flow systems. Eagleton employs approximately 130 employees, residing at its Houston, Texas headquarters and Denver, Colorado offices, as well as in the field.
Eagleton was originally acquired by Keystone and Eagleton management in December 2011. During the course of the investment, Keystone and management successfully recruited additional management, executed meaningful project activity, grew the business by almost 100%, and opened an office in Denver, Colorado to service the Rocky Mountain region.
“Although we predict continued upside for Eagleton due to strong end market fundamentals in the oil and gas midstream infrastructure industry, Eagleton is strategic to the Jacobs organization and is expected to effectively supplement their aggressive growth plans,” commented Scott Gwilliam, Managing Director, Keystone Capital, Inc. “It was a pleasure to work with Jacobs in this transaction, and we have no doubt that the company is in good hands. We wish our management team, employees and the Jacobs organization continued success in the future.”
The existing management team of Eagleton, including CEO Duain Cagle, will join Jacobs. “Our partnership with Keystone was extremely successful and allowed us to grow the business significantly and operate with the entrepreneurial spirit,” noted Cagle. “However, we are excited about the future with Jacobs and believe that our business will continue to prosper under their ownership.”
Jacobs is one of the world’s largest and most diverse providers of technical professional and construction services.
Jason Van Zant