Houston-based private equity firm Pelican Energy Partners has acquired California-based Veridiam for an undisclosed amount in an effort to further increase the firm’s focus on the nuclear energy sector.
Veridiam is a strategic manufacturer that specializes in the precision fabrication of components and assemblies made from exotic metals or advanced alloys for the nuclear, aerospace, defense, space and medical fields.
Following the acquisition, Veridiam will continue to operate under its existing name and will led by its current management team, including CEO Brian Joyal.
“Joining the Pelican platform accelerates our strategic trajectory," Joyal said in a news release. "With Pelican's support, we will accelerate the modernization and expansion of our manufacturing capabilities to meet unprecedented demand across the nuclear, aerospace, defense, and medical sectors. This partnership also enables us to expand our portfolio of mission-critical products and engineered solutions while maintaining the uncompromising quality, precision, and reliability standards that have defined Veridiam for more than 60 years."
Since 2011, Pelican has raised over $1 billion in committed capital and has realized over 15 investments. Currently, Pelican is investing from its fourth fund, which aims to support and advance companies that provide critical services and products to the nuclear power industry.
In 2024, Pelican raised a $450 million fund to invest in nuclear energy services and equipment companies.
The Veridiam deal comes after Pelican has completed several nuclear acquisitions. The PE firm acquired New Hampshire-based Environmental Alternatives Inc., which provides nuclear decontamination services, in April; it acquired Georgia-based WSI Welding Solution in December, which services the nuclear sector.
"Veridiam sits at the center of our investment thesis and reflects the kind of deal Pelican does best," Mike Scott, managing partner and founder of Pelican Energy Partners, added in the news release. "With the right capital and operating support, we see a clear opportunity to strengthen the business, invest in its capabilities, and create long-term value for customers and shareholders."
