Quality Companies, an oilfield construction and fabrication group that has earned a spot on ABiz’s list of Acadiana’s Top 50 Privately Held Companies for the past two years, announced Tuesday that it has purchased Traco Production Services and will consolidate operations at Traco’s existing 14-acre facility on Griffen Road in Youngsville. Quality plans to invest about $2 million building an approximately 40,000-square-foot fabrication plant and “green” paint facility, as well as a 12,000-square-foot corporate headquarters.
Quality declined to disclose the purchase price.
Traco is now a sister company to Quality Construction & Production and Quality Production Management. QCP and Quality’s corporate offices are currently located at 133 Youngsville Highway in Lafayette, and QPM operates in New Iberia on Highway 90. Both of those facilities will relocate to Youngsville after construction is complete early next year.
Quality was founded by Troy Collins and Nathan Granger in 2001, and in 2007 was named one of the fastest-growing companies in America by Entrepreneur Magazine, earning a spot on its Hot 500 list.
Traco Production Services Inc., founded in 1987 by Tommy and Gaynell Allen, sells a complete line of new and refurbished ASME coded production equipment, separators, pressure vessels, instrument and electrical safety systems and complete dehydration systems, and provides professional installation and repair for most of the products it sells. Because of Traco’s ASME coded shop, Quality can now build production pressure vessels, a capability it did not have before the buyout, Granger says.
Traco was also attractive to Quality because of its concentration in onshore work. “They are very experienced in all facets of onshore work, mostly shale [including northwest Louisiana’s Haynesville Shale],” says Granger. Roughly 80 percent of Quality’s work is in the Gulf, which Granger expects to pick up at a healthy pace this year, with its onshore work mainly in North Dakota. Quality has 650 employees and Traco has about 100, Granger says. No layoffs will take place, and Quality expects the onshore expansion opportunities to create about 100 new jobs for the combined companies in the next two years.
Granger anticipates the organization will eclipse the $100 million revenue mark within three to five years. Quality reported $55 million in revenues in 2009, earning the 28th spot on ABiz’s 2010 list of Acadiana’s largest privately held companies. The 2011 list publishes July 27.
Potenza Marketing makes fastest-growing companies list.
Local 101 class Friday
“Byzantine” is the word members of the nominating committee for the local flood protection authority often use to describe the complicated, multi-layered matrix of qualifications that must be met to fill a vacancy on that board.
In the Pelican State, Benjamin Franklin buys you about $109 worth of stuff.
Brittan Bush joins Liskow & Lewis, Blake David installed as the Third District Member of the Louisiana State Bar Association’s board of governors, and Simien & Miniex announces 2014 scholarship winners.
“In some cases, we’ve found that these parts are nothing more than used junk yard parts. In others, we’ve found them to be foreign knock-off parts of questionable quality.”
The old Daily Advertiser building on Jefferson Street is being rehabbed as the owner prepares to move it back into commerce.
Its fourth leader gone after two years on the job, the facility struggles to balance the tension between its two missions.
Hub City Cycles hits the ground running through small-business center opportunity.
The future of the coastal loss lawsuit could rest in hands of board’s nominating committee.
Leaders from the local tech community ponder the question: What's missing from Acadiana's tech ecosystem?
AT&T’s U-verse heads our way. Here’s what it means for you.
LITE’s virtual environments are changing the way local employees learn how to do their jobs.
Local tech gurus will go the distance to call Lafayette home.
A look at recent hires, promotions and other news from Acadiana's business community.
New Johnston Street eatery catapults to No. 1 spot in nearly 200-location chain.
By identifying companies that match the output of its post-secondary educational institutions, Lafayette is creating opportunities that keep highly trained graduates in the area.
Gideon’s Promise lauds G. Paul Marx’s work to improve the quality of indigent defense and helps train five new public defenders.
What will INNOV8 4.0 look like?
Courtesy Ford is honored; EatLafayette fêtes itself
AG says 50-year-old Terry Francis Savoy sold fraudulent Workers Compensation and Employers Liability insurance policies throughout the state.
The state's jobless rate rose to 5.4 percent in July from 5 percent in June. Louisiana's unemployment rate was 6.4 percent in July 2013.
Oil Center eatery plans drive-thru location on Ambassador Caffery
Royal Dutch Shell has agreed to sell drilling rights in shale formations in Louisiana and Wyoming for $2.1 billion in two transactions.
Local skate shop collaborates with sneaker giant to create the "Crawfish Dunks"