Palm Beach Capital Fund IV, L.P., through one of its investment
entities, today announced that it made an investment in Neptune Research
Inc. and the related FloTex, LLC (“NRI” or “Company”) a leading company
in the infrastructure repair and restoration business. Financial terms
were not disclosed.
For more than 30 years, NRI has focused its strategic research
initiatives on the development, manufacturing and marketing of
state-of-the-art pipe repair solutions that withstand the tests of time,
water and other elements. The company’s Syntho-Glass® system has proven
to be reliable enough for the U.S. Navy, the Coast Guard, and
international natural gas and oil industry conglomerates to require
Syntho-Glass® availability for all pipe repairs.
“This was an amazing opportunity for both NRI and FloTex to catapult to
the next level and we couldn’t have picked a better partner than Palm
Beach Capital. They have the knowledge and team to help us continue to
revolutionize the composite infrastructure business,” stated Chris
Lazzara, NRI’s Chairman, President and Chief Executive Officer.
The Company originally developed its pipe repair systems for application
within the marine industry. As the original inventors of the
moisture-cured, pre-impregnated composite material, NRI caught the
attention of the U.S. Navy and, in 1996, secured its first contract with
the U.S. government requiring NRI’s Syntho-Glass® system to be carried
aboard all Navy vessels. Since that time, the Company has doubled every
three years in size and revenues as the demand for its solutions
continues to grow. To support this demand, NRI has introduced an average
of one new product per year over the last four years, with each product
focusing on the Company’s participation in the evolution of leak repair
and pipe reinforcement.
“We are excited to partner with Chris and the rest of the NRI team and
to provide the support necessary for the Company to realize the full,
global potential of NRI’s revolutionary solutions and service offering,”
commented Michael Chalhub, Palm Beach Capital Partner. “NRI represents a
unique opportunity for us to invest at an inflection point where such
innovative solutions are so well-timed within the energy, infrastructure
and composite industry.”
About Neptune Research & FloTex
Founded in 1982 and headquartered in Riviera Beach, Florida, NRI has
been a premier provider of pre- and field-saturated composites that
restore, protect and reinforce pipes, pipelines and civil
infrastructures. NRI’s customer base includes companies in a wide
variety of industries, including construction, industrial, marine,
military, mining, municipalities, offshore, oil & gas distribution, oil
& gas transmission, and refining and petrochemical. NRI’s proprietary
products are made with moisture-curable and epoxy based carbon fiber,
fiberglass, Kevlar® and other aramid composite materials. For more
information, please visit the Company’s website at www.neptuneresearch.com.
About Palm Beach Capital
Founded in 2001, Palm Beach Capital is a private equity investment firm
with offices in both West Palm Beach and Tampa, Florida. Currently
investing out of its fourth committed fund, the firm focuses on high
growth investment opportunities and partners with management teams in
middle market management buyouts, recapitalizations and growth equity
investments. Since its inception, Palm Beach Capital has made
investments in 42 portfolio companies (47 distinct investments including
co-investment vehicles). For more information, please visit the firm's
website at www.pbcap.com.
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