Energy/Agriculture Supply Co With Inspection Plant

Business Overview:

Overview: Project Inspection (or the Company) is based in the Heartland and is involved in the distribution/sales of Oil & Gas drilling components and equipment (sucker rods and pipe) and Agriculture products (structural, fencing, guardrails, cable), and in the Electromagnetic (NDT) and Hydrostatic inspection/testing of oilfield pipe and sucker rods. The latter is one of the most unique attributes about the company. The revenue breakdown is about a 50/50 split between Oilfield and Ag but that varies year to year, and the Inspection/testing business typically makes up about 25-35% of the sales figures in any given year.

Business Highlights:
• Competitive Advantages: Taking a strong name in the Oilfield and Ag Supply world, and then providing oilfield pipe/rod inspection/testing services is truly what drives differentiation. It is the only oilfield pipe/rod inspection/testing plant in its Midwestern state. Being able to supply Farmers with needed equipment and supply is a big bonus, allowing cross-selling opportunities.
• Customers/Market Channels: Some of the largest producers in the Heartland highlight the customer base, but with not one dominating Sales. On the Oilfield Supply side, the customers are predominantly E&P operators, yet on the Ag side they are usually farmers or agricultural-related companies. The inspection/testing business are again typically E&P companies but can also be other distributors or supply houses. When an inspected unit is below-par, it is sold to Ag customers throughout the Midwest.
• Management/Employees: currently about 10 employees. The business has a General Manager/CFO with it already, and that person would continue with the business for new ownership.
• Growth Opportunities: Expansion into other markets/regions – continued focus in northern states, but also develop OK and TX. Increasing employee base/sales force would be key. It’s a “no brainer” to begin selling oilfield product to the inspection/testing customers which is not being done as much currently. There is more than enough room to double or triple the oilfield supply business with the current infrastructure and unused buildings on the property, with 9.6 acres of land, such as adding a “pump shop”.
• Financials: the company has very little debt, and a 40 year track record in business as a whole. A lot of equipment and assets have been upgraded or added on to in the last 6 years. 2024 saw a slowdown for the Energy and Ag industries alike, but 2025 looks to be a nice “rebound year”. There is good diversification with the business given its selling into two end-markets, and having the recurring inspection component.

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