Energy-focused private equity firm

Pelican Energy Partners

At a glance

Latest fundPelican Energy Partners Base Zero, $450M (Nov 2024) S8
EBITDA range$1M to $15M S2
Deal typesPlatform, Add-on, Growth, Minority S3
SectorsIndustrial & Manufacturing, Construction Services, Environmental & Waste

What Pelican Energy Partners buys

Pelican Energy Partners is a Houston private equity firm run by former energy industry executives. It buys and backs energy service, equipment manufacturing and technology companies. It built its record in oilfield services, and since its $450 million Base Zero fund closed in November 2024 it has focused mostly on the nuclear power supply chain. Recent purchases include suppliers of nuclear-grade valves, makers of hydraulic cylinders, containment products and precision metal parts, specialty contractors for utilities, and Environmental Alternatives, a remediation and nuclear decontamination firm.

Pelican looks for profitable, established companies with about $1 million to $15 million of EBITDA, and says it can handle companies earning more than $30 million. It has raised more than $1 billion across four funds and is flexible on structure: full buyouts, recapitalizations where the owner keeps a stake, growth equity, corporate carve-outs and minority deals with protections. It says most of its deals start with direct talks with owners rather than bankers, and smaller companies often join an existing holding, as Environmental Alternatives did.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
Jul 2026Riggins CompanyHampton, Virginia metal fabricator for the Navy's nuclear fleet and power customers; current leaders stayPlatformIndustrial & ManufacturingSource
Jul 2026VeridiamEl Cajon, California maker of exotic-metal components for nuclear, medical and aerospace uses, bought from an Equity Group Investments affiliatePlatformIndustrial & ManufacturingSource
Apr 2026Environmental Alternatives, Inc.New Hampshire remediation, hazardous waste and nuclear decontamination firm, joining Pelican's nuclear containment groupAdd-onEnvironmental & WasteSource
Jan 2026Quantum Containment SystemsNew holding company uniting ATG, CTI, Lancs and Skolnik under one CEOInvestmentIndustrial & ManufacturingSource
December 2025WSI Welding SolutionsGeorgia specialty welding and asset life extension services for power, nuclear and industrial plantsInvestmentSource
Nov 2025Hanna CylindersWisconsin maker of hydraulic and pneumatic cylindersPlatformIndustrial & ManufacturingSource
Sep 2025Sigma Valve ExpertsIndiana supplier of safety-related valves to nuclear and power utilitiesPlatformIndustrial & ManufacturingSource
Mar 2025United Services GroupCharlotte welding, machining and fabrication contractor for utilities; the founder is CEOPlatformConstruction ServicesSource
Jan 2025Skolnik IndustriesChicago maker of custom steel drums, including certified drums for the nuclear industryPlatformIndustrial & ManufacturingSource
Jan 2025Lancs IndustriesAlbuquerque maker of radiation shielding and containment productsPlatformIndustrial & ManufacturingSource
Nov 2024Pelican Energy Partners Base ZeroFirst nuclear services fund closed at $450 million against a $300 million targetFund closeSource
Nov 2024GSE SolutionsTake-private of the power plant engineering and simulation company closed after a shareholder votePlatformSource

Portfolio by sector

From the firm's portfolio page S5.

Pelican Fund Base Zero

  • Riggins Company
  • Veridiam
  • Environmental Alternatives, Inc.
  • WSI Welding Solutions
  • Hanna Cylinders
  • Sigma Valve Experts
  • Skolnik Industries
  • LANCS Industries
  • GSE Solutions
  • Electrical Builders Industries
  • MillenniTek
  • Container Technologies Industries
  • ATG
  • Blue Wave AI Labs
  • United Services Group

Pelican Fund II

  • Johnson Specialty Tools
  • Q2 Artificial Lift Services

Pelican Fund III

  • Iron Horse Tools
  • Stewart Tubular Products
  • Piney Woods Water Solutions
  • Shepherd Safety Systems
  • SWM Technologies
  • Axon Energy Services
  • WedgeRock

Past investments: AWC Frac Technology, Pride Energy Services, Performance Multi-Flow Solutions, Gordon Technologies, GHT, Vault Pressure Control, Epic International

Greymont’s take

How Pelican Energy Partners fits a seller

Pelican fits owners of energy equipment, fabrication, specialty contracting and nuclear service businesses who want a buyer that already knows their customers. Its partners spent their careers at companies such as Baker Hughes, Cameron and NOV, and the firm says that background lets it move through diligence with less work for the seller. It is also open to deals where the owner sells only part of the company and keeps growing it, including owners who plan to retire within a few years but do not want to sell everything at once.

In the 2026 Riggins and Environmental Alternatives deals, the existing leaders stayed in charge. Owners should ask whether their company would stand alone or be folded into a group such as Quantum Containment Systems, and which fund would own it, since the current fund is aimed at the nuclear industry.

Questions owners ask

Does Pelican Energy Partners buy environmental or remediation companies?

Yes, when the work is tied to energy. In April 2026 it bought Environmental Alternatives, a New Hampshire provider of site remediation, hazardous waste management and nuclear decontamination, and planned to fold it into its nuclear containment group.

What size company does Pelican Energy Partners look for?

Profitable, established businesses with EBITDA generally between $1 million and $15 million a year, though the firm says it can complete deals for companies earning more than $30 million.

Can an owner sell part of the business to Pelican and stay on?

Yes. Pelican lists recapitalizations with the founder and shared-control minority deals among its structures, and it says it structures deals so owners can stay with the company and share in later growth.

Is Pelican still investing in oilfield services?

Its oilfield strategy page is still live and Fund III still holds oilfield companies such as Iron Horse Tools and Stewart Tubular Products, but the companies it has bought since late 2024 mainly serve nuclear, power and broader industrial customers.

Sources

  1. S1Pelican Energy Partners home page Accessed October 26, 2026
  2. S2Pelican Energy Partners: Who We Are Accessed October 26, 2026
  3. S3Pelican Energy Partners: Oilfield Services strategy Accessed October 26, 2026
  4. S4Pelican Energy Partners: Nuclear Services strategy Accessed October 26, 2026
  5. S5Pelican Energy Partners: Our Portfolio Accessed October 26, 2026
  6. S6Pelican Energy Partners: News Accessed October 26, 2026
  7. S7Pelican Energy Partners: Seeking Partnership Accessed October 26, 2026
  8. S8Pelican Energy Partners Holds Final Close for Inaugural Nuclear Energy Services Fund (November 4, 2024) Accessed October 26, 2026
  9. S9Pelican Energy Partners Announces Acquisition of Riggins Company (July 20, 2026) Accessed October 26, 2026
  10. S10Pelican Energy Partners Announces Acquisition of Environmental Alternatives, Inc. (April 27, 2026) Accessed October 26, 2026
  11. S11Specialized Nuclear Containment Businesses Announce Strategic Partnership Agreement (January 12, 2026) Accessed October 26, 2026
  12. S12Pelican Energy Partners Announces Acquisition of Veridiam (July 13, 2026) Accessed October 26, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Pelican Energy Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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