News

CAM Industrial Solutions LLC ("CAM Industrial Solutions" or the "Company") today announced that its CEO Donovan Boyd will retire from his post, effective on October 7th, 2024.

This retirement has been planned for some time, and Mr. Boyd will continue to serve the Company as its non-executive Chairman. Mr. Boyd will be succeeded by Mr. Greg Rice, a proven industrial services executive, with decades of experience.

Mr. Boyd, departing CEO, said, "CAM Industrial Solutions is a remarkable enterprise, driven by thousands of impressive employees of skilled trades and professions. I enjoyed the opportunity to assemble and work with this team, and I will miss the daily interaction with them greatly.

The Company is fortunate to attract Greg Rice as its next chief executive, a person whom I have known and worked with for over twenty-five years. He has the skills, energy and demeanor to help carry the enterprise forward and allow CAM to reach its full potential."

Mr. Mick Kaefer, President of the Company and leader of its operating locations across North America, added, "We are deeply grateful to Donovan for his exemplary leadership over the past couple of years. As we look toward the future, I am confident that Greg Rice is uniquely positioned to lead CAM Industrial Solutions through its next phase of growth and success. We are excited for what lies ahead under Greg's leadership."

Mr. Rice, incoming CEO, said, "I look forward to working with all the amazingly talented people at the Company. I am grateful for the opportunity, and I am excited to get out to our sites to meet our employees and customers to continue their success."

CAM Industrial Solutions is a portfolio company of an investor group led by Cross Rapids Capital LP ("Cross Rapids Capital"). Cross Rapids Capital is an operationally driven investment firm, focused on acquiring industrial and services companies in North America. Cross Rapids Capital Partner, Mr. Kyle Cruz, concluded, "We are thrilled to welcome Greg, a leader familiar to Cross Rapids Capital, into this portfolio company, and we are confident he will make a significant contribution and help bring the Company to new heights."

About CAM Industrial Solutions LLC: CAM Industrial Solutions LLC provides maintenance and turnaround services to refineries, chemical plants, natural resource extraction and processing, and other industrial facilities across the U.S. and Canada, as well as operations and maintenance services to utilities. We employ a variety of craft, including pipefitters, boilermakers, electricians, carpenters, welders, ironworkers, millwrights, equipment operators, riggers, scaffolders, insulators, machinists, HSE technicians, and many others. For more information, please visit camindustrialsolutions.com.

About Cross Rapids Capital LP: Cross Rapids Capital LP is an operationally driven investment firm, dedicated to North American middle-market industrial and services companies. We partner with owners and management teams to accelerate companies, and we bring decades of sector, operational, and investing expertise and a hands-on, collaborative approach to empower their business success. For more information, please visit crossrapids.com.SOURCE CAM Industrial Solutions LLC

May 2024 - CAM Industrial Solutions LLC is thrilled to announce the successful renewal of its mechanical services contract, extending for another 5 years at DOW's facilities in Plaquemine, Louisiana.

"We are delighted about the opportunity to continue supporting DOW across multiple geographies," remarked Mick Kaefer, CAM Industrial Solutions President “This renewal reinforces our belief that our clients are enthusiastic about our momentum under new ownership and their continued faith in us to deliver safe and quality maintenance solutions on their sites across North America every day.”

April 2024 - CAM Industrial Solutions recently received the ABC STEP Safety Management System Platinum recognition certificate. ABC’s STEP Safety Management System provides contractors and suppliers with a robust, no-cost framework for measuring safety data and benchmarking with peers in the industry.

The self-assessment tool helps companies identify real opportunities for scalable growth in their safety programs to lower their total recordable incident rates.

In the ever-expanding world of construction safety technology, we continue to improve our company's programs to ensure employees are set up for success now and in the future.

April 2024 - The CAM Industrial Solutions team at the Longview, Texas, site is proud to announce its recent accolades from the Safety Council of East Texas.

The company has been recognized with three distinguished awards, reflecting its unwavering commitment to workplace safety and operational excellence. The awards given to CAM Industrial Solutions include the Incident Rate Improvement Award, Incident Rate Award, and the Years Worked Award signifying 6 years worked without a major incident.

Additionally, CAM Industrial Solutions was named as a finalist for the Safety Excellence through Training Award, underscoring the company's proactive approach to safety education and its investment in continuous employee development.

We are honored to receive these awards and be recognized as a finalist, which testifies to our team's hard work and the high standards we set for safety at CAM Industrial Solutions.

Safety is at the CORE of everything we do, and these achievements reflect our ongoing commitment to protecting our employees and delivering safe, quality services to our clients.

HOUSTON and CALGARY, AB, Feb. 21, 2023 - An agreement has been reached with CAM Industrial Solutions LLC (CAM Industrial), whereby Worley will sell its maintenance and turnaround business in North America, which is part of Worley's Americas Field Services, for a cash consideration of USD 125 million (approximately AUD180 million).

Worley's construction and fabrication business in North America is not included in the sale. The sale also includes Worley's power operations and maintenance business.

The transaction is subject to regulatory approval and customary closure conditions and is expected to close in the second half of FY2023.

The North America maintenance and turnaround business is Worley's operating and shutdown maintenance craft work (non-professional services) in the USA and Canada, which supports refineries, petrochemical plants, and other industrial facilities.

On today's announcement, Worley Chief Executive Officer Chris Ashton said Worley was delighted to be entering into this agreement with CAM Industrial and was looking forward to seeing the company continue to successfully service its many loyal customers across its markets. CAM Industrial is a new company, formed by an investor group, led by Cross Rapids Capital L.P. (Cross Rapids Capital) and including strategic partner The Baupost Group. Cross Rapids is an operationally driven investment firm, focused on acquiring industrial and services companies in North America.

The existing management team will join and manage CAM Industrial and will be led by Mick Kaefer as its President. Donovan Boyd, Executive Partner with Cross Rapids Capital, will be appointed Chief Executive Officer of CAM Industrial. Mr Boyd is a highly successful and tenured executive in industrial services, having previously served as the Chairman and Chief Executive Officer of Hydrochem LLC, Director of The Brock Group, Executive Chairman, Chairman of B&G Crane, and Director of Brand Energy.

Mr Kaefer said, "We thank our employees for their dedication and our customers for their business and support. Under our new name, CAM Industrial, our team will continue to be focused on safely and reliably operating our business, without interruption. We are very excited about this transaction and the growth prospects ahead."

Mr Boyd added, "CAM Industrial welcomes our newest employees and is thrilled to partner with them to grow the company into the preeminent provider of hard craft maintenance and turnaround services in the industry. CAM Industrial will continue to operate with the values of safety, high-quality service, and responsiveness to customers."

Cross Rapids Capital Partner, Kyle Cruz, concluded, "We look forward to completing the transaction and investing in new processes, tools, and systems in order to better serve our customers and to pursue new growth initiatives."

UBS Securities LLC is acting as exclusive financial advisor to Worley, and Reed Smith LLP is acting as Worley's legal advisor. Greenberg Traurig, LLP is acting as Cross Rapids Capital's legal advisor.