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News Breaks
January 15, 2014
09:30 EDTCELPCypress Energy IPO indicated $20.00 on 110K shares
Cypress Energy (CELP) priced 3.75M shares at $20.00. Raymond James, RW Baird, Stifel and BMO Capital acted as joint book running managers for the offering.
News For CELP From The Last 14 Days
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February 23, 2015
07:38 EDTCELPCypress Energy acquires remaining 49.9% interest in Tulsa Inspection for $52.6M
Cypress Energy Partners reported that it has acquired in an accretive all cash transaction the remaining 49.9% interest in Tulsa Inspection Resources, Tulsa Inspection Resources – Nondestructive Examination, and Tulsa Inspection Resources Holdings, that it did not previously own, from an affiliate of Cypress Energy Holdings and certain other beneficial owners of CEH. The enterprise was valued at approximately 7x adjusted EBITDA with customary debt and working capital adjustments that resulted in a cash payment of approximately $52.6M, which was funded under CELP’s credit facilities. CELP now owns 100% of TIR. CELP's CEO Peter Boylan stated, “This will further enhance CELP’s earnings and distributable cash flow potential and should allow us to more than offset the declines anticipated in the water & environmental services division as a result of lower prices, volumes, and drilling activity. This transaction also provides us with additional flexibility in 2015 with regard to our coverage ratio and distributions... We believe that the market disruption as a result of lower commodity prices will create some attractive opportunities for us in 2015 and beyond.” The acquisition will contribute approximately 42% of TIR’s consolidated distributable cash flow.

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