HOUSTON, TEXAS (January 3rd, 2013) – George J. Pierson, President and CEO of Parsons Brinckerhoff Group Inc., today announced that Subsurface Group, Inc. has joined PB Energy Storage Services in the US Power and Energy Division of Parsons Brinckerhoff, the 14,000-person global professional services firm specializing in infrastructure planning, design, program/construction management and engineer/procure/construction services.
Subsurface Group is a professional consulting and engineering firm providing services in underground injection, underground storage, specialty wells, petroleum and natural resources, and environmental science. Headquartered in Houston, Texas, the group also has offices in Baton Rouge, Louisiana and South Bend, Indiana. In its 2012 fiscal year, the 37-person Subsurface Group had revenues of approximately $50 million.
Said Mr. Pierson, “We are pleased to have the Subsurface Group as part of Parsons Brinckerhoff. The Subsurface Group’s recognized expertise in underground injection and specialty wells complements Parsons Brinckerhoff’s recognized expertise in underground storage for oil & gas, energy, and industrial clients.”
Joseph Sheldon, the President and co-owner of Subsurface Group stated, “As part of our ownership transition plan, we are pleased to know that our employees will be part of an organization which is dedicated to technical excellence and will offer them career opportunities moving forward.”
John Fleniken, Vice President and co-owner of Subsurface Group stated, “The complementary skill sets of both groups will combine to provide a unique and robust full service offering to our clients in the oil & gas, chemical, and industrial markets.”
In a letter to all employees of Parsons Brinckerhoff and Subsurface Group sent today, Mr. Pierson stated, “The addition of Subsurface Group as a new part of our U.S. Power and Energy Division aligns with our strategic goal of expanding the services we can provide to the energy market.”
Parsons Brinckerhoff is a leader in developing and operating infrastructure around the world, with approximately 14,000 employees dedicated to meeting the needs of clients and communities in the Americas, Europe, Africa, the Middle East, Asia, and Australia-Pacific regions. Parsons Brinckerhoff offers skills and resources in strategic consulting, planning, engineering, program/construction management, and operating for all modes of infrastructure, including transportation, power, community development, water, and the environment (www.pbworld.com). Parsons Brinckerhoff is the professional services arm of Balfour Beatty plc, the international infrastructure Group operating in professional services, construction services, support services, and infrastructure investments.
Statesman served as the exclusive financial advisor to Subsurface Group, Inc., and the transaction team included Managing Director Sid Shaver and Associate Walker French.
Statesman Corporate Finance is a leading middle market investment bank headquartered in Houston, Texas. Statesman provides merger and acquisition sell-side and buy-side advisory services, private placements of equity and debt, and general corporate financial advisory services to small and middle-market companies.