DES MOINES, Iowa--(BUSINESS WIRE)--Emory Dry Ice Inc. and NexGen Industrial Services Inc. (“NexGen”) announce the recent merger of the two companies to create Emory Industrial Services Inc. (“Emory”), which operates throughout the United States. The company specializes in cleaning and maintaining heavy industrial equipment, machinery and production facilities for customers in an array of industries, including oil and gas, food and beverage, power generation, masonry restoration, manufacturing, construction, agriculture and more.
Emory’s headquarters are in Des Moines, Iowa, and the company will maintain the former NexGen office in Abilene, Texas as a regional hub for its operations in the southwestern United States. The joining of these two companies positions Emory to meet rapidly growing customer demand for cleaning and maintenance applications that are innovative, cost-effective and environmentally sustainable.
“The market synergies, cultural values and business philosophies between these two companies are as closely aligned as I have ever seen, which gives me great confidence in what we can do for our customers and shareholders as a combined force,” said Travis Correll, chief operating officer at Emory. “Our already high standards for quality of work and customer service will be enhanced even more as a result of this transaction.”
Correll continued, “We have been a customer-centric company since our founding, and the NexGen merger is a further testament to that philosophy. Like all companies, we have faced our fair share of economic headwinds during 2020 as our economy grapples with a global pandemic. However, out of great economic disruption, comes great economic opportunity. The market opportunities in front of us hold tremendous promise.”
Founded in 2018, Emory Dry Ice Inc. experienced a seven-fold, year-over-year increase in revenue from 2018 to 2019. Similarly, NexGen has experienced record growth since its founding in 2019. The merger was structured as an all-stock deal in which NexGen contributed its existing business assets for a 30 percent equity stake in the combined company. Emory’s existing shareholders hold the remaining 70 percent. The merger was unanimously approved by the shareholders and boards of directors of both companies, and officially closed August 31, 2020 at a valuation of just over $12.9 million.
“By joining forces with Emory, we can offer our existing and future customers better geographic coverage, an expanded service offering, substantially improved response times, and greater technological capabilities,” said Reggie Pimento, former head of operations at NexGen and now executive vice president for the oil and gas division at Emory. “From our high-quality service personnel to our robotics platform, we are now well-positioned to become the industrial services firm of choice for our ever-growing customer portfolio. I echo Travis and believe the market opportunities in front of us are incredibly promising. Our future is very bright.”
About Emory Industrial Services
Headquartered in Des Moines, Iowa, Emory is an eco-friendly industrial services company that specializes in cleaning and maintaining heavy industrial equipment and machinery with an environmentally friendly cleaning application called dry ice blasting. In addition to Emory’s dry ice cleaning services, the company also provides preventative maintenance services, mechanical services, dry ice equipment rental services, industrial disinfection services, and markets and distributes high-quality dry ice.
Emory serves customers in an array of industry sectors, including oil and gas, food and beverage, industrial and manufacturing, power generation, masonry restoration, construction, agriculture, and many others. Emory’s overarching mission is to help its customers lower their overall operating costs by preserving, protecting, and maintaining their valuable fixed assets with the most effective, efficient, and eco-friendly service applications on the market today.