> TIR celebrates its 15th anniversary and has an excellent year.
> The holding company that controls Cypress acquires two businesses to expand into
the municipal water industry, in line inspection (“ILI”), and offshore pipeline &
process services (“PPS”) including water recycling, treatment, pumping, hydrostatic testing,
nitrogen, and other services. The ILI business is a technology company based in Salt Lake
City, UT that offers 5G UHD in pipeline inspection services to the municipal water and
energy industries. The PPS company based in Lafayette, LA is focused on the offshore market
and required repositioning. It is contemplated that Cypress will acquire these businesses
when they are ready.
> Cypress divests its EPA class II water recovery and disposal facilities in W.
Texas.
> Cypress reduces its leverage and improves its balance sheet with a $43.5 million
preferred equity investment (“PIPE”) from the Stephenson family.
> Cypress refinances its credit facility with a new revolving credit facility.
> Cypress has a strong year following the energy industry downturn in 2015-2017
with EBITDA growth exceeding 35%.