CAPITOL HEIGHTS, Md., July 24, 2018 /PRNewswire/ -- Midas Companies is launching into the energy market with focused, niche solutions related to fluid and water transfer in the oil and gas industry. Midas will be able to strategically utilize its existing assets from the municipal space to diversify its offerings, expand its customer base and increase its geographical footprint. Efforts began this week with water transfer for fracking operations with a key energy player in Colorado.
"The senior management team reviewed our current solutions and how we could use them to diversify our scope to accelerate our growth over the past few years," said Dan Cathell, Midas's Chief Executive Officer. "Moving into the energy and industrial space makes sense for our company. One of our key solutions is the movement of fluids, which fits well with the needs of the E&I marketplace and helps satisfy a currently underserved need in the industry. This represents a great opportunity and supports our strategic vision for the future of the company."
The company has traditionally focused efforts in the municipal marketplace, but this project represents the first foray into the energy space with a focus on the increasing needs within the oil and gas sector. Midas has focused on expansion and diversification efforts over the last several years, including the acquisition of key utility companies that have allowed for growth within the southeastern United States and building strong relationships with prime contractors and asset owners throughout its expanding markets. The Colorado project provides an opportunity for Midas to partner with a major energy company, allowing for growth not only in the oil and gas industry but also within the western region.
"We've been working on this opportunity for a while now, acquiring experienced crews with strong industry knowledge and focusing our expansion efforts on the needs of the E&I market," said Chris Englebrake, Midas's Vice President of Operations. "Our significant fleet is at the ready, so this allows Midas to strategically increase our asset utilization to add an end market in the industrial space while increasing our geographical reach."
About Midas Companies
Founded in 1972 and headquartered in Capitol Heights, Maryland, Midas offers a comprehensive portfolio of rehabilitation services and products for critical water, wastewater and industrial pipe infrastructure throughout the Mid-Atlantic and Southern regions, with an expanding reach into the western United States. The Company's suite of specialty services encompasses trenchless solutions, flow control and utility (traditional dig) for complete turnkey solutions. For more information, please visit the company's website at www.midascompanies.com.
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SOURCE The Midas Companies
