Pelican Energy Partners Announces Acquisition of MillenniTek, LLC

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Jul 26, 2024, 07:00 ET

HOUSTON, July 26, 2024 /PRNewswire/ -- Pelican Energy Partners ("Pelican") is pleased to announce the acquisition of MillenniTek, LLC ("MillenniTek" or the "Company"). Headquartered in Knoxville, Tennessee, MillenniTek is a premier developer, manufacturer, and supplier of advanced materials for the nuclear energy industry. Since its inception in 2010 as a carve-out of Dyson Group PLC, the Company's management team has successfully introduced new ceramic product lines and doubled overall production capacity.

Walter Weathers, a Managing Director of Pelican, stated, "Pelican is excited to partner with MillenniTek's exceptional management team. The Company is highly regarded within the nuclear supply chain, and well positioned to continue its trajectory as a market leader. Moreover, this investment marks our second within the Knoxville area in the past eight months. We aim to drive growth and create new jobs in Tennessee, reinforcing the State's enduring commitment to nuclear energy."

Steve Getley, CEO and President of MillenniTek, will continue to lead the Company and retain significant ownership as it seeks to expand in domestic and international markets. Mr. Getley added, "MillenniTek's partnership with Pelican comes at a pivotal moment as we explore new avenues for growth. Pelican's dedication to the nuclear energy sector and their leadership's extensive experience in operating and scaling businesses make them the perfect partner for MillenniTek."

For more information on MillenniTek, please visit www.MillenniTek.com.

Advisors

Reed Smith LLP served as legal advisor to Pelican.

About Pelican Energy Partners

Pelican Energy Partners is a Houston-based private equity firm specializing in strategic investments in small to middle-market, high-growth potential energy service and equipment companies. The firm makes investments in energy equipment and service companies in the oil and gas and nuclear sectors.

Contact:
Walter Weathers
[email protected]

SOURCE Pelican Energy Partners