Who Owns Cypress Environmental Company?

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Who Owns Cypress Environmental?

Understanding a company's ownership is key to grasping its strategic direction and market position. Cypress Environmental Partners, L.P. underwent a significant ownership change in May 2022, transitioning from a public entity to private ownership.

This shift to private ownership under Orion Infrastructure Capital (OIC) has reshaped its governance and operational focus, highlighting the critical role of ownership in a firm's trajectory.

Cypress Environmental Partners, L.P., originally established as a Delaware limited partnership in 2013, provides vital environmental services such as pipeline inspection and water treatment to the energy sector. Its core mission has always been to help clients manage environmental impact and ensure regulatory compliance. Following its privatization, the company now operates as a portfolio company fully owned by OIC, formerly Argonaut Private Equity. This transition from public unitholders to a single private equity owner has significantly altered its strategic oversight and capital allocation, marking a new phase in its pursuit of environmental solutions for critical infrastructure. A detailed Cypress Environmental PESTEL Analysis can offer further insights into the external factors influencing its operations.

Cypress Environmental Partners, L.P. was founded with a specific mission to provide environmental services tailored for the energy sector. Peter C. Boylan III played a pivotal role as a co-founder, taking on leadership positions including Chairman of the Board, President, and Chief Executive Officer of Cypress Energy Partners GP, LLC, the entity managing the Master Limited Partnership.

The company initiated its public trading on January 15, 2014, on the New York Stock Exchange under the ticker symbol 'CELP'. As a Master Limited Partnership (MLP), its operational control rested with Cypress Environmental Partners GP, LLC, the general partner, while common units were held by limited partners. In the early stages, prior to its delisting, the general partner and company insiders held a significant majority of the ownership, with approximately 76% of the total common and preferred units as of March 2020. This structure was designed to ensure alignment between the founders' vision and minority investors, demonstrating a concentrated insider ownership that provided substantial control.

Early Ownership Structure

The initial ownership of Cypress Environmental Partners, L.P. was heavily concentrated among its founders and the general partner. This strategic distribution of equity aimed to maintain strong leadership control and align the interests of key stakeholders. Understanding this early structure is crucial for comprehending the company's initial Growth Strategy of Cypress Environmental.

• General Partner and Insiders held approximately 76% of total units as of March 2020.
• This concentration aimed to align insider and minority investor interests.
• Peter C. Boylan III was a key figure in establishing the company's leadership and ownership framework.
• The MLP structure placed operational control with the general partner.

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The ownership of Cypress Environmental Partners, L.P. has seen a significant shift, moving from a publicly traded Master Limited Partnership to a privately held entity. This transition was largely driven by a Chapter 11 bankruptcy filing in May 2022, which led to a debt-to-equity recapitalization.

Following its Chapter 11 bankruptcy filing in May 2022, Cypress Environmental Partners, L.P. underwent a significant restructuring. This process culminated in a debt-to-equity recapitalization, a key event that reshaped its ownership landscape. The company's sole senior secured lender, Argonaut Private Equity, acquired 100% of the new equity interests in the reorganized entity. This transaction effectively extinguished approximately $58.1 million in secured debt owed to Argonaut. As a direct result, all previously outstanding common units and Series A preferred units of Cypress Environmental Partners were rendered valueless, and the company was subsequently delisted from the NYSE on May 9, 2022, marking its transition from public to private ownership.

Current Ownership Structure

The current principal owner and major stakeholder of Cypress Environmental Partners is Orion Infrastructure Capital (OIC). This entity emerged after Argonaut Private Equity rebranded to OIC in June 2022. This consolidation of ownership under a single private equity firm signifies a move away from the dispersed ownership model previously associated with public unitholders.

• Orion Infrastructure Capital (OIC) is the primary owner.
• OIC was formerly known as Argonaut Private Equity.
• The transition to private ownership occurred after a Chapter 11 bankruptcy filing.
• All previous common and Series A preferred units are now valueless.
• The company is no longer publicly traded on the NYSE.

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Following its privatization, the board of directors and voting power of Cypress Environmental are now under the control of its sole equity owner, Orion Infrastructure Capital (OIC). While specific board member names for private entities are not publicly disclosed, it is understood that OIC representatives and key management personnel likely form the current board, ensuring strategic alignment with OIC's objectives.

Before its privatization, Cypress Environmental Partners GP, LLC, as the general partner, held significant sway over the company's governance. Voting power was predominantly concentrated with the general partner, while limited unitholders had minimal voting rights. In early 2020, insiders and the general partner collectively controlled approximately 76% of the common and preferred units, indicating a substantial concentration of voting power. This structure ensured that major decisions were largely dictated by this core group. The company's Marketing Strategy of Cypress Environmental was likely influenced by this concentrated ownership.

Shift in Governance Post-Acquisition

The acquisition by Orion Infrastructure Capital (OIC) in May 2022, following a Chapter 11 restructuring, fundamentally altered Cypress Environmental's ownership and voting power dynamics. As a privately held entity, OIC, as the sole equity owner, now dictates the board composition and overall voting control. Former unitholders who lost their investment in the restructuring no longer possess any voting rights.

• Orion Infrastructure Capital (OIC) is the current owner.
• OIC holds 100% of the equity.
• The board composition reflects OIC's strategic interests.
• Former unitholders have no voting power.

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The ownership landscape of Cypress Environmental Partners has undergone a significant transformation in recent years, shifting from a publicly traded entity to a privately held company. This transition was finalized in May 2022, marking a new chapter for the organization under new ownership.

The primary development in Cypress Environmental ownership over the past three to five years was its complete transition to private ownership in May 2022. This occurred through a Chapter 11 restructuring, where Orion Infrastructure Capital (OIC), formerly Argonaut Private Equity, acquired 100% equity ownership by converting its $58.1 million in senior secured debt. This event led to the delisting of Cypress Environmental Partners' common units from the NYSE, resulting in a complete loss of value for previous common and preferred unitholders. As a private entity, Cypress Environmental Partners now operates within OIC's portfolio, which focuses on critical infrastructure investments including environmental innovation, sustainable power generation, and waste & recycling. This strategic alignment highlights a broader trend of consolidation and private equity investment within the environmental services sector. While specific financial details for private companies are not publicly disclosed, OIC's investment strategy centers on scaling sustainable infrastructure and technologies through partnerships with middle-market companies. There have been no public announcements regarding future ownership changes, succession plans, or potential re-listing, indicating a stable private equity control structure for the foreseeable future.

Current Ownership Structure

Cypress Environmental Partners is now a privately held company, with Orion Infrastructure Capital (OIC) as its sole equity owner following a restructuring in May 2022.

Impact of Private Ownership

The transition to private ownership resulted in the delisting from the NYSE and a loss of value for previous public unitholders.

Strategic Alignment with OIC

Cypress Environmental Partners now operates within OIC's portfolio, focusing on critical infrastructure and environmental solutions, reflecting a trend in private investment in the sector.

Future Outlook

No public information is available regarding future ownership changes or potential re-listing, indicating a period of stable private equity control.

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