Camber Energy Inc., based in Houston, has closed its previously announced all-stock acquisition of Lineal Star Holdings LLC, which is the parent company of Pittsburgh’s Lineal Industries Inc. Camber plans to expand the Lineal brand by acquiring and developing complementary specialty engineering, procurement and construction energy infrastructure service businesses.
Lineal Industries has provided more than six decades of upstream, midstream and utilities pipeline maintenance, specialty construction and integrity services to Fortune 500 companies in Ohio, Pennsylvania, Virginia, West Virginia, Maryland and New York.
Lineal is also the parent company of Houston’s Lineal Star Inc. — Lineal’s newly formed Gulf Coast based operation that was acquired in the deal as well. Camber plans to generate organic growth in downstream field services in Lineal Star.
“We plan to remain focused on the 64-year-old Lineal Industries model — providing day-to-day maintenance requirements of public utilities rights of way, upstream, midstream, downstream and pipeline maintenance, and the specialty construction and integrity services required by Lineal’s client base,” Camber Interim CEO Louis G. Schott commented, in a release. “These are services that are needed every day, regardless of the price of oil or natural gas. We believe the acquisition will significantly increase our future revenue streams which will in turn increase shareholder value.”
Pursuant to the transaction, former members of Lineal received shares of the Camber’s newly designated Series E and Series F preferred stock. The company also entered into agreements with the company’s Series C preferred stock holders to tentatively exchange shares for a new Series D preferred stock.
