For Immediate Release
October 8, 2009. Torrance, California – IESCO today announced a major financial investment in the Torrance-based company. Clearview Capital Fund II, LP of Old Greenwich, Connecticut has made a significant investment in the company, which provides inspection and testing services to the energy sector. Founder and CEO, Brian Shannon, commented that, “After several years of searching, I have found the right investor for my business. Clearview fully understands the IESCO business model and brings to the company the necessary added capital, resources and business expertise to support the growth of our service offerings and the expansion of the locations of our business.”
Shannon further commented that, “With the current trends in the energy market, and with the added financial backing of Clearview, we see an exciting and growth oriented future for IESCO.”
Brian Shannon will continue as President and CEO of IESCO as will all current management and employees.
“Our prior successful experience in the inspection and non-destructive testing industry caused us to search for attractive investments in the sector,” said Bill Case, Partner of Clearview Capital. “Based on IESCO’s reputation as the premier inspection and testing services provider on the West Coast, our search was easy. Brian Shannon and his team have built a great company and we are thrilled to have the opportunity to participate in the company’s future success.”
IESCO’s financial advisor in this transaction was Moss Adams Capital, an investment banking company with offices in Irvine, California and Seattle, Washington.
About IESCO Services
Since its formation in 1986, IESCO has provided the energy sector (oil, gas, power generation, and heavy industrial concerns) with inspection and testing services. Clients include worldwide plant operators such as, ExxonMobil, Chevron, Shell, Flint Hills, Aramco, Total, Valero, and ConocoPhillips.
The company is based in Torrance, California with offices in Central and Northern California. |
November 17, 2008. Torrance, California – IESCO, a Metallurgical Engineering & Inspection Services for the Petroleum, Petrochemical & Power Industries, announced today the award of a three (3) year contract agreement with the City of Los Angeles Department of Water & Power (LADWP) to perform Nondestructive (NDE) Services.
IESCO will furnish NDE Services on an intermittent, as needed basis for use on construction projects, maintenance and operations work, and on detailed examination of LADWP’s equipment and pipelines at the generating stations and other facilities, transmission and distribution system, and water collection and transportation system. NDE Services are necessary to increase the reliability and availability of electricity and water supplies to LADWP’s customers.
Los Angeles Department of Water and Power (LADWP) is the largest municipal utility in the United States, serving over 4 million residents as of 2008. It was founded in 1902 to supply water and electricity to residents and business in Los Angeles and surrounding communities.
IESCO specializes in Nondestructive examination and assessment of petroleum and power plants, with ongoing contracts. The company operates from its headquarters in Torrance, CA.
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