Platte River Ventures Closes Purchase of Global X-Ray & Testing Corp.

DENVER, Aug. 27 /PRNewswire/ -- Platte River Ventures announced today that it took a controlling stake in Global X-Ray & Testing Corp. ("Global X-Ray" or the "Company") in partnership with the Company's founding family.  Headquartered in Morgan City, Louisiana, Global X-Ray is a leading provider of non-destructive testing and evaluation services to the oil and gas industry.

"We are very excited and looking forward to working with our new partners at Platte River Ventures," said Chris Moreau, CEO of Global X-Ray.  "We feel that the experience of Platte River's principals and their access to additional capital will allow Global X-Ray to achieve long-term success and will help our Company innovate and shape the future in the oil and gas industry."

Bill Robb, Managing Director of Platte River Ventures said, "We are honored to partner with the Moreau family.  They have a terrific team and a world class reputation built over the last 45 years."  Peter Calamari, Managing Director of Platte River Ventures added, "This investment is consistent with our strategy of partnering with companies with strong niches in the energy and industrial services sectors."

About Global X-Ray

Global X-Ray is a specialized provider of quantitative non-destructive testing and evaluation solutions for the major oil and gas companies in the Gulf of Mexico and other key domestic energy markets.  The Company holds industry-leading expertise in the fields of automated ultrasonic inspection, gamma and x-ray radiography, ultrasonic flaw detection, thickness gauging, magnetic particle testing, liquid penetrant testing, internal pipeline x-ray and erosion / corrosion evaluation for the inspection of pipelines and offshore production and drilling platforms.  Global X-Ray's advanced solutions enhance productivity and improve safety for its customers.  Global X-Ray is based in Morgan City, Louisiana with additional offices in Louisiana, Texas and Alabama.  For more information, please visit www.globalxray.com.

About Platte River Ventures

Based in Denver, Colorado, Platte River Ventures is a private equity firm focused on investing in small and middle market operating companies with enterprise values generally between $10 million and $150 million.  The firm seeks investment opportunities where it can leverage its principals' significant operating expertise to help its management partners develop significantly larger enterprises through a combination of internal growth and complementary add-on acquisitions.  The firm focuses on investing in the industrial services, energy services, aerospace, metals, chemicals, agricultural and industrial minerals industries.  Platte River Ventures currently manages funds with committed capital in excess of $300 million.  For more information on Platte River Ventures, please visit www.platteriverventures.com.

SOURCE Platte River Ventures