AXIOS Industrial Group LLC and A&L Industrial Services are pleased to jointly announce that effective June 5, 2020, the two companies have reached an agreement to merge. The combined company will operate under the name AXIOS.
This is a merger of two highly complementary companies, which offer scaffolding, insulation, painting, coating and liners, sandblasting, heat tracing, fireproofing and other soft craft services to industrial clients across industries, including oil and gas, chemical, agricultural, pharmaceutical, and pulp and paper. Both AXIOS and A&L have decades of experience and a track record of success built through exceptional customer service and project execution and an exemplary safety record. The combined company has a strong capital base and is well positioned to serve clients and accelerate growth with greater scale.
“This merger of AXIOS and A&L has the right mix of similarities and differences. We have essentially the same product and service offerings in the same geographic markets, with different customer bases and industry segment strengths. Combined, we will offer our clients even greater service, expertise and efficiency,” said Joe Compofelice, AXIOS Chairman and CEO.
So far in 2020, and despite the pandemic, the combined company has been awarded more than $50 million of new business in the oil and gas, chemical, agricultural and pharmaceutical segments. Awards include a multimillion-dollar, three-year service contract for a major pharmaceutical company in Pennsylvania.
White Deer Energy, the former controlling shareholder of AXIOS, and Hastings Equity Partners, the former controlling shareholder of A&L, will continue as the majority shareholders of the combined entity.
Vinson & Elkins LLP served as legal counsel for AXIOS and White Deer Energy. Locke Lord LLP served as the legal counsel for A&L and Hastings Equity Partners.
Visit AXIOS website for more information.
