Feb 15, 2022   SOURCE: BusinessWire

Strike Completes Sale to American Industrial Partners

Strike, LLC (“the Company”) today announced the successful completion of the sale of substantially all of the Company’s assets to an affiliate of American Industrial Partners (“AIP”). The new Strike is emerging from a short, efficient reorganization process where it substantially de-levered and it is poised for a fresh start in its marketplace. The Company eliminated over $200 million of debt and substantial liabilities from its balance sheet. In its new, streamlined form, Strike will deliver even better and more reliable service to its customers and will support its employees’ continued success and career development. As a new platform investment for its Fund 7, AIP will support Strike’s resurgence and continued growth and looks forward to the Company achieving its full operating potential.

“We are pleased to have emerged from our sale process and look forward to beginning a new chapter as a stronger and healthier company well positioned to execute on our long-term goals,” said Chuck Davison, Jr., Chief Executive Officer. “We have worked closely with AIP over the last several months to ensure a smooth transition for our stakeholders. We look forward to continuing to partner with our new owner to build upon our brands’ strong position in the marketplace by focusing our efforts on improved service delivery to our customers and expanding our service offering. I would like to thank our customers and suppliers for their continued support, and our team for their focus and dedication throughout this process.”

“We are thrilled to partner with the management and employees of Strike to help a great company emerge from a difficult period into its next stage of growth,” said Jason Perri, Partner of AIP. “We look forward to continuing an excellent track record of service, reliability and performance for our valued customers, vendors and business partners. We are committed to building Strike into a world-class industrial services platform, and we thank everyone that contributed to a seamless transition to this bright future.”

Court filings and other information related to the proceedings are available on a separate website administrated by the Company’s claims agent, Epiq, at https://dm.epiq11.com/StrikeLLC, by calling Epiq toll-free at (855) 675-2860 (or +1 (503) 520-4488 for calls originating outside of the U.S.), or by sending an email to Strikeinfo@epiqglobal.com.

White & Case LLP is serving as Strike’s legal counsel, and Opportune LLP is serving as financial and restructuring advisor. Stroock & Strook & Lavan LLP is serving as AIP’s legal counsel, and Houlihan Lokey, Inc. is serving as financial advisor.

About Strike

Strike is a full-service pipeline, facilities, and energy infrastructure solutions provider. Headquartered in The Woodlands, Texas, Strike partners closely with clients all across North America, safely and successfully delivering a full range of integrated engineering, construction, maintenance, integrity, and specialty services that span the entire oil and gas life cycle. For more information, visit www.strikeusa.com.

About American Industrial Partners

AIP is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy, and has been active in private equity investing since 1989. To date, AIP has completed more than 100 acquisition transactions, and currently has more than $7 billion of assets under management on behalf of leading pension, endowment, and financial institutions.

For more information on AIP, visit www.americanindustrial.com.

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could impact the Company’s objectives and plans or cause the actual results of the Company to differ significantly from the historical results or from any future results expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, risks and uncertainties relating to the Chapter 11 process, competition in the industry, general domestic or international economic conditions, and changes in laws or regulations. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “plans,” or similar terms to be uncertain and forward-looking.