Cypress Environmental Bundle
What is the history of Cypress Environmental?
Cypress Environmental Partners, L.P. began its journey on September 19, 2013, in Tulsa, Oklahoma, as Cypress Energy Partners, L.P. Its initial focus was on providing essential environmental solutions to the energy and industrial sectors.
The company rebranded to Cypress Environmental Partners, L.P. in March 2020, underscoring its dedication to environmental services. Despite a restructuring in 2022 that resulted in its transition to a privately held entity, the company continues to offer specialized services.
The company's offerings include pipeline and infrastructure inspection, non-destructive examination (NDE), and water treatment and disposal. A key aspect of its current operations involves managing nine water treatment facilities located in North Dakota's Bakken shale region. This strategic positioning highlights its role in supporting energy infrastructure. Understanding the evolution of Cypress Environmental Partners provides insight into its adaptability within the environmental services industry, including its Cypress Environmental PESTEL Analysis.
What is the Cypress Environmental Founding Story?
Cypress Environmental Partners, L.P. officially began its journey as a Delaware limited partnership on September 19, 2013, initially known as Cypress Energy Partners, L.P. The company's establishment was driven by the vision of its founders, Peter C. Boylan III and Charles C. Stephenson, Jr., who recognized a significant need for environmental solutions within the energy sector. This marked the beginning of the Revenue Streams & Business Model of Cypress Environmental.
Cypress Environmental Founding Story
The Cypress Environmental company establishment date is September 19, 2013. Its origins trace back to the identification of a growing demand for environmental services in the energy industry, spurred by aging infrastructure and increasing environmental awareness.
- Peter C. Boylan III co-founded Cypress Energy Holdings, LLC in April 2012 and later led Cypress Environmental Partners GP, LLC.
- Charles C. Stephenson, Jr., with extensive energy industry experience, was a key owner in the foundational entity.
- The initial business model focused on pipeline inspection and water treatment services.
- The company's IPO on January 15, 2014, raised capital through the offering of 3,750,000 common units at $20.00 per unit.
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What Drove the Early Growth of Cypress Environmental?
Following its initial public offering in January 2014, Cypress Environmental Partners, L.P. began a strategic expansion, structuring its operations into Inspection Services, Pipeline & Process Services (PPS), and Environmental Services. The company focused on providing essential pipeline integrity and water treatment services, particularly in the Bakken shale region.
Early Operational Focus
The company's initial operations centered on critical services for midstream pipelines, gathering systems, and distribution networks. This included vital pipeline inspection and integrity management, alongside water treatment and disposal solutions crucial for the energy sector, especially in areas like the Bakken shale.
Strategic Acquisitions and Service Expansion
A significant growth phase occurred in 2018 with two key acquisitions by its sponsor, Cypress Energy Holdings, LLC. These moves broadened the company's environmental service capabilities, enabling entry into the municipal water sector and the adoption of advanced in-line inspection (ILI) technology like EcoVision UHD.
Financial Growth and Workforce Development
By 2019, the company reported substantial financial performance, with revenues reaching $401.6 million and a net income of $17.4 million. This growth was supported by an expanding workforce, averaging 1,485 inspectors across the U.S. and Canada in 2019, reflecting a commitment to scaling operations and enhancing service delivery.
Market Positioning and Future Strategy
The company's expansion was driven by a competitive market and a strategy to integrate services and pursue acquisitions that deepened customer relationships and boosted profitability. Understanding the Target Market of Cypress Environmental was key to these strategic decisions.
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What are the key Milestones in Cypress Environmental history?
Cypress Environmental Partners, L.P. has experienced a dynamic history marked by strategic shifts, technological advancements, and significant financial restructuring. The company's journey reflects the evolving landscape of environmental services and pipeline integrity management.
| Year | Milestone |
|---|---|
| 2020 | Cypress Energy Partners, L.P. officially changed its name to Cypress Environmental Partners, L.P. to better align with its core environmental services. |
| 2022 | The company underwent a pre-packaged court restructuring and was delisted from the New York Stock Exchange. |
| 2022 | Equity was transferred to Argonaut Private Equity in exchange for erasing approximately $59 million in secured debt. |
Next-Generation ILI Technology
A key innovation was the adoption of next-generation 5G ultra high-resolution magnetic flux leakage inline inspection (ILI) technology, known as EcoVision UHD. This advancement significantly expanded the company's capabilities in pipeline integrity management.
Water Treatment Facilities
The company established a robust presence in water treatment, operating nine facilities equipped with ten EPA Class II injection wells. These facilities are strategically located in the Bakken shale region, playing a vital role in managing waste byproducts from oil and natural gas extraction operations.
The company faced considerable challenges, particularly in the early 2020s, which necessitated a significant financial pivot. This period highlighted the impact of market downturns and the critical need for strategic financial repositioning to ensure continued operations.
Financial Difficulties and Restructuring
Despite rebranding efforts in March 2020, the company encountered substantial financial difficulties. This led to a pre-packaged court restructuring and its subsequent delisting from the New York Stock Exchange in May 2022.
Transition to Private Ownership
The restructuring involved transferring all equity to Argonaut Private Equity in exchange for the erasure of approximately $59 million in secured debt. This marked a transition from a publicly traded entity to a privately held company, focused on serving its customers with a debt-free structure.
Market Downturns and Strategic Repositioning
The challenges encountered underscore the vulnerability to market downturns and the imperative for strategic financial maneuvers. This period ultimately led to a reorganized entity poised for future operations.
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What is the Timeline of Key Events for Cypress Environmental?
The Cypress Environmental company background traces its origins to September 19, 2013, when it was formally established as Cypress Energy Partners, L.P. The company's journey includes its Initial Public Offering on January 15, 2014, under the ticker symbol 'CELP.' A significant expansion occurred in 2018 with two acquisitions by its sponsor, broadening its services. The company officially changed its name to Cypress Environmental Partners, L.P. on March 16, 2020. Following financial challenges, the company underwent a restructuring, leading to its delisting from the NYSE in May 2022 and subsequent operation as a privately held entity.
| Year | Key Event |
|---|---|
| 2013 | Formal establishment as Cypress Energy Partners, L.P. |
| 2014 | Initial Public Offering (IPO) on the New York Stock Exchange. |
| 2018 | Sponsor completes two acquisitions, expanding services. |
| 2020 | Company officially changes its name to Cypress Environmental Partners, L.P. |
| 2022 | Announces restructuring and expected NYSE delisting; equity transferred to Argonaut Private Equity. |
Focus on Core Services
As a privately held company, Cypress Environmental is focused on delivering essential environmental services. These include pipeline inspection, NDE testing, and water treatment and disposal, critical for the energy and industrial sectors.
Market Demand and Growth Potential
The demand for environmental services is expected to remain strong. This is driven by aging North American pipeline infrastructure and evolving environmental regulations, creating a stable market for the company's expertise.
Operational Priorities
The company's operational focus is on compliance, efficiency, and safety for its clients. This aligns with industry trends emphasizing environmental stewardship and maintaining infrastructure integrity, reflecting its Mission, Vision & Core Values of Cypress Environmental.
Future Outlook as a Private Entity
Having emerged from restructuring debt-free, the company is positioned for continued service and growth. While specific 2025 financial data is private, its strategic direction supports its founding vision of environmental protection.
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