HOUSTON, July 26,
2024 /PRNewswire/ -- Pelican Energy Partners
("Pelican") is pleased to announce the acquisition of MillenniTek,
LLC ("MillenniTek" or the "Company"). Headquartered in Knoxville, Tennessee, MillenniTek is a premier
developer, manufacturer, and supplier of advanced materials for the
nuclear energy industry. Since its inception in 2010 as a carve-out
of Dyson Group PLC, the Company's management team has successfully
introduced new ceramic product lines and doubled overall production
capacity.
Walter Weathers, a Managing
Director of Pelican, stated, "Pelican is excited to partner with
MillenniTek's exceptional management team. The Company is highly
regarded within the nuclear supply chain, and well positioned to
continue its trajectory as a market leader. Moreover, this
investment marks our second within the Knoxville area in the past eight months. We
aim to drive growth and create new jobs in Tennessee, reinforcing the State's enduring
commitment to nuclear energy."
Steve Getley, CEO and President
of MillenniTek, will continue to lead the Company and retain
significant ownership as it seeks to expand in domestic and
international markets. Mr. Getley added, "MillenniTek's partnership
with Pelican comes at a pivotal moment as we explore new avenues
for growth. Pelican's dedication to the nuclear energy sector and
their leadership's extensive experience in operating and scaling
businesses make them the perfect partner for MillenniTek."
For more information on MillenniTek, please visit
www.MillenniTek.com.
Advisors
Reed Smith LLP served as legal advisor to Pelican.
About Pelican Energy Partners
Pelican Energy Partners is a Houston-based private equity firm specializing
in strategic investments in small to middle-market, high-growth
potential energy service and equipment companies. The firm makes
investments in energy equipment and service companies in the oil
and gas and nuclear sectors.
Contact:
Walter Weathers
wweathers@pep-lp.com
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SOURCE Pelican Energy Partners