Thorpe Specialty Services Finalizes Recapitalization with KLH Capital

HOUSTON, Aug. 29, 2022 /PRNewswire/ — Thorpe Specialty Services (“Thorpe”) is pleased to announce the completion of a recapitalization of the business by KLH Capital (“KLH”) from The CapStreet Group (“CapStreet”). The goal of this recapitalization is to provide the resources for Thorpe to continue its growth trajectory and strengthen its leading position in corrosion, refractory and other specialty services within the chemical, petrochemical, ag-chemical, power, pulp & paper, natural resources, oil and gas, metals & mining, and other heavy industrial industries.

Established over 65 years ago, Thorpe is a leading maintenance and engineering services and solutions provider for corrosion, refractory and scaffolding & insulation driven by its in-house knowledge of mission-critical equipment. The integration of coordinating technical and engineering requirements, designing solutions, fabricating and providing required materials, as well as completing installations with experienced project management and highly skilled field crews sets Thorpe apart.

KLH prides itself on providing the resources that mid-market industrial companies need, while being the partner of choice for management in driving future success together for all stakeholders. KLH’s unique approach of bringing resources, expertise, capital investment, and planning for specialty services, value-added distribution, and niche manufacturing companies has proven successful again and again.

“We are very excited to partner with James Darnell and the KLH team to springboard Thorpe into the future,” said Chad Fletcher, CEO of Thorpe. “Thorpe and KLH share a passion for the privileged role we both play as Trusted Partners; Thorpe as a maintenance planning and solutions expert who our key clients expect to sit at the planning table; and KLH as not only a financial resource, but as experienced business owners and leaders who add value to developing the future of companies in which they invest.”

“We are thrilled to welcome Chad and the entire Thorpe team into the KLH family. The Company and management team have done a fantastic job positioning themselves to capitalize on the tremendous set of opportunities before them, and we are eager to support Thorpe and its employees as we continue to build upon their vision.” said James Darnell, Partner at KLH Capital. “The team is the most important asset, and we are honored to join Thorpe, as true partners, in the next phase of the Company’s exciting journey.”

Thorpe’s highest core value is People, as there is no greater commitment Thorpe can make than that of the safety of ours, our customers’, and other contractors’ people. Thorpe’s greatest success—surpassing 3 million safe man hours with zero recorded incidents or lost time—stems from actively looking out for the safety of others, born from a foundation of caring about people.

If you would like to learn more about Thorpe, please contact Alicia Dutton at [email protected].

About Thorpe Specialty Services

Thorpe Specialty Services is a leading specialty services provider in energy and industrial markets for maintenance and engineering for corrosion, refractory and scaffolding and insulation. Clients turn to Thorpe for reoccurring specialty services related to the maintenance of critical infrastructure assets operating in high-temperature and highly corrosive environments. From Fortune 500 companies to independent producers and EPC’s across oil & gas, chemical, power, pulp & paper, mining and other energy-intensive industries, Thorpe is a trusted partner for extending equipment lifecycles and increasing productivity for refineries, chemical, petrochemical and industrial plants.

About KLH Capital

Founded in 2005, KLH Capital is a private equity firm serving lower middle-market companies in the specialty services, value-added distribution, and niche manufacturing industries. The firm makes majority and minority equity investments in U.S.-based businesses to support the company’s growth plans, provide ownership opportunities for key managers, and allow owners to harvest the value in their businesses. Our commitment goes beyond financial support as we believe in establishing a collaborative team of peers, all of whom have a hand in the company’s progress. When we combine management’s industry and operational expertise with our own, the company’s full potential is unlocked and value is created. Since its founding, KLH Capital has raised $520 million. For more on our investment approach, please visit our website: www.klhcapital.com

About Capstreet

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 accelerate growth and profitability, and create long-term sustainable businesses. The majority of Capstreet’s investments have been with founder- or entrepreneur-owned businesses. For more information, visit the Capstreet website, www.capstreet.com.

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SOURCE Thorpe

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