UTQIAGVIK, Alaska, Jan. 31, 2019 /PRNewswire/ -- Arctic Slope Regional Corporation ("ASRC") is pleased to announce the acquisition of K2 Industrial Services ("K2") by our wholly-owned subsidiary ASRC Industrial Services, LLC ("AIS").
K2 is headquartered in Houston, Texas and is the parent company of KM Plant Services ("KMP"), KM Industrial Services ("KMI") as well as Mansfield Industrial ("Mansfield"). KMP and KMI provide industrial cleaning services in the Midwest and California, while Mansfield provides multi-craft services, focused in the Gulf South. The companies serve a diverse customer portfolio made up of industrial, oil and gas, power and commercial customers.
Since its establishment in 1995, K2 has growth through both organic and acquisitive means. The company has differentiated itself from competitors via the quality and safety of services provided to a diverse customer base. KMP and KMI will join AIS's Remediation and Response Services ("RRS") operating group and Mansfield will join AIS's Construction, Maintenance, and Repair ("CMR") operating group. Each company fills a gap in AIS's existing portfolio and adds another skilled group of employees to the expanding enterprise.
"On behalf of ASRC's board of directors, I am pleased to welcome the management team and talented employees of K2 Industrial Services to the ASRC family of companies," said Rex A. Rock Sr., president and CEO of ASRC. "The acquisition of K2 and the associated companies make it 10 acquisitions we have made in pursuit of the AIS strategy initiated in September 2016. I am happy with the progression of the strategy to date, and am confident the AIS and K2 management teams will work collaboratively to sustain the positive momentum and ultimately create a scaled platform that delivers durable, enduring benefits to ASRC's shareholders."
"Adding K2's capabilities to AIS's existing portfolio is further evidence of ASRC's commitment to pursuing the AIS vision of building an enduring, employee-centric, customer-focused, value-added service provider focused on the industrial market complex," said Greg Johnson, president and CEO of AIS. "The AIS management team appreciates ASRC's support and looks forward to working with the team at K2 and the underlying companies to build on the companies' well-earned reputations and in the process, provide additional opportunities for their talented workforces, bring additional services to customers and ultimately deliver enduring benefits to ASRC's shareholders."
Arctic Slope Regional Corporation is owned by and represents the business interests of the Arctic Slope Iñupiat. Since opening enrollment in 1989 to Alaska Natives born after 1971, the corporation's shareholder base has nearly tripled, growing from the 3,700 original enrollees to approximately 13,000 today. Corporate headquarters are based in Utqiagvik (formerly Barrow), Alaska, with administrative and subsidiary offices located in Anchorage and throughout the United States. ASRC, along with its family of companies, is the largest Alaskan-owned company, employing approximately 13,500 people across Alaska and the Lower 48. The company has six major business segments: petroleum refining and marketing, energy support services, industrial services, construction, government contract services and resource development.
Headquartered in Concord, California, ASRC Industrial Services ("AIS") is a wholly-owned subsidiary of Arctic Slope Regional Corporation ("ASRC"). AIS is organized into three capabilities-based operating groups: Construction, Maintenance and Repair, Remediation and Response Services, and Environmental Engineering and Professional Services. AIS has over 4,000 employees and operations throughout the Continental United States. AIS subsidiaries include Petrochem Insulation Inc., RSI Entech, Entech Advantage, DACA Specialty Services, D2 Industrial Services, US Coatings, USC Federal, AIS Response Services, Mavo Systems, Omega, F.D. Thomas Inc., D. Zelinsky & Sons, HRCS Engineering, Hudspeth & Associates, Brad Cole Construction and Arctic Pipe Inspection. As a wholly-owned subsidiary of ASRC, AIS and its subsidiaries are considered minority business enterprises. To learn more about AIS, visit www.asrcindustrial.com.
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SOURCE Arctic Slope Regional Corporation