Vortex Companies Announces its Acquisition of Virginia based Tri-State Utilities & Pipe Vision

Leading regional trenchless rehabilitation service providers strengthen Vortex's capabilities and reach geographically and operationally

HOUSTON, Dec. 13, 2024 /PRNewswire/ -- Vortex Companies, LLC (Vortex) announced that it has acquired Tri-State Utilities (Tri-State) and Pipe Vision from National Underground Group, Inc., (National Underground) a portfolio company of ORIX Capital Partners, the private equity arm of ORIX Corporation USA. Headquartered in Chesapeake, VA, Tri-State is a full-service trenchless infrastructure solutions provider serving the Mid-Atlantic and Southeastern United States. Based in Richmond, VA, Pipe Vision offers advanced pipe cleaning and inspection services for its customer base in the Mid-Atlantic and Southeastern United States regions.

"Tri-State is a longstanding customer of our liner and repair materials and carries an exceptional track record within the industry," said Mike Vellano, CEO at Vortex Companies. "Strategically, geographically, and operationally both companies further strengthen Vortex's focus on building a platform of technologies to serve our customers unique needs."

Since 1990, Tri-State has cultivated a differentiated level of service that it reliably delivers to its customer base leading to a consistent pipeline of work amidst economic fluctuations. Since 2010, Pipe Vision has similarly provided exceptional levels of service to its customer base but with a focus on cleaning and inspection services.

"Given their position in the market and track record of delivering quality services, we believe Vortex is the ideal partner for Tri-State and Pipe Vision's future growth ambitions," added Ram Vela, SVP of Corporate Development at Vortex. "Acquiring and integrating accretive businesses is in our DNA here at Vortex and this acquisition further demonstrates that commitment." 

"Our original investment in National Underground in 2017 was underpinned by our belief that mitigating underground infrastructure risk was core to preserving our nation's aging infrastructure. We are pleased to facilitate Tri-State and Pipe Vision joining Vortex's industry leading platform to meet demand in this space as we continue to seek opportunities to add value for our portfolio companies," said Michael Khutorsky, Managing Director at ORIX Capital Partners.

Financial terms of the transaction were not disclosed.

About Vortex
The Vortex Companies is a leading provider of advanced trenchless water and sewer technologies and provides turnkey services to cost effectively renew municipal, industrial, and commercial infrastructure. Vortex, along with its partners, offers the most diverse portfolio of technology platforms in the industry. This includes manhole and pipe rehabilitation materials, polymeric coatings, CIPP liner and resins, sewer robot systems and high-speed drain cleaning tools and allows customers the opportunity to select the best fit for their system.

Operating globally across 25 locations, Vortex remains focused on its vision of expanding and providing a broad range of industry leading, cost-effective trenchless infrastructure renewal solutions, supported by experienced and trained personnel. For more information, go to www.vortexcompanies.com.

About Tri-State Utilities
For nearly 35 years, Tri-State Utilities has been a leading provider of cleaning, inspection and rehabilitation services for subsurface infrastructure. Tri-State offers project design assistance and customer solutions using industry-leading trenchless pipelining technologies. This includes sanitary and storm sewer Cured-In-Place Pipe (CIPP) lining, pipe cleaning, closed-circuit television (CCTV) inspection, smoke and dye testing, Sewer System Evaluation Survey (SSES) services, grouting and segmental trenchless spot repairs. In addition to providing advanced solutions and technical expertise, Tri-State Utilities is known for its quick emergency response time, quality assurance and cost-efficiency.

About Pipe Vision
Founded in 2010, Pipe Vision was founded on providing advanced pipe inspection and cleaning services using industry leading technology and personnel. Whether it involves locating blockages, verifying joint and infrastructure integrity, or conducting post-construction inspection, the Pipe Vision team takes a hands-on approach to ensure the satisfaction of its clients on every project.

About National Underground Group
National Underground Group (formerly HSW Pro-Pipe Inc.) has been providing solutions to engineering firms, government entities, utility owners, and contractors across the nation for over 30 years. The company's businesses, including Pro-Pipe, Accumark and Benchmark, strive to always bring value to customers through high-quality data deliverables and services in pipeline cleaning and assessment, cross bore inspection and subsurface utility locating and mapping.

About ORIX Capital Partners
ORIX Capital Partners (OCP), the operationally-focused private equity team of ORIX Advisers, LLC and a wholly-owned subsidiary of ORIX Corporation USA (ORIX USA), manages a fund that seeks to make direct equity investments in established middle-market companies throughout North America, spanning a variety of industries, including industrial services, business services, and general industrials. For more information about OCP and its capabilities, please visit www.orixcapitalpartners.com.

SOURCE Vortex Companies