Industrial cleaning companies Emory Dry Ice, NexGen merge in $12.9 million deal
Emory Dry Ice Inc. and NexGen Industrial Services Inc. have announced the recent merger of the two companies to create Emory Industrial Services Inc., which operates throughout the United States. The all-stock merger, completed Aug. 31, was valued at just over $12.9 million, the companies said in a press release.
The combined company, which will maintain its headquarters in Des Moines, 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.
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 and interim CEO of Emory. The combined company, which currently employs 48 people, will maintain the former NexGen office in Abilene, Texas, as a regional hub for its operations in the southwestern United States.
Founded in 2018, Emory Dry Ice specializes in industrial cleaning using dry ice blasting; NexGen was founded in 2019. The merger of the two fast-growing companies was structured as an all-stock deal in which NexGen contributed its existing business assets for a 30% equity stake in the combined company. Emory’s existing shareholders hold the remaining 70%.