A Stronger Foundation for the Future: Reynolds Enters Strategic Partnership with Oaktree Capital
HARRISBURG, Pa. — Reynolds Enterprises, Inc., one of the region’s leading full-service building solutions providers, has announced today a strategic partnership with Oaktree Capital which will make Reynolds stronger, more versatile and better able to serve the needs of our clients throughout Pennsylvania and adjacent markets. Reynolds and its core leadership team of Chief Executive Officer David Angle, Chief Operating Officer Jeffrey Merritt, Chief Financial Officer Anthony Worrall, and Reynolds Energy Services President Rick Evans will retain an ownership interest in the Company and will continue to direct the day-to-day management of the Company.
“This partnership is good news for Reynolds, our employees and our clients, and the daily operation of the company will remain unchanged. That was our number one priority when we entered into this relationship,” said Angle. “The main benefits will be the opportunities in this interactive partnership to gain industry insight which will enable us to better serve our clients.”
Access to capital provided by Oaktree will give Reynolds more financial resources to invest in its people and operations, to expand its service offerings for its customers, and to enable the pursuit of projects that might have previously been unattainable. In addition, Oaktree has a strong track record of investing in and supporting the growth of companies within the energy and construction industries for over two decades in close partnership with management. As a key part of Oaktree’s national energy services platform, Reynolds will benefit from a dynamic peer group of other leading energy services and construction companies across the country with a shared strategic vision of becoming the industry’s leading provider of comprehensive energy solutions for both public and private sector customers.
The partnership will also expand the geographic reach of Reynolds — starting with strengthening its presence in Pittsburgh — and give the Company an opportunity to pursue projects in new markets and states.
Reynolds COO Jeffrey Merritt is quick to point out what the new relationship with Oaktree Capital is — a natural next phase of growth for one of the region’s leading full-service building solutions providers. “With growth comes continued opportunities for our employees in the process of working with clients on their building projects”, said Merritt. “Our valued clients will be served by the same team, same staff who have provided reliable service in the past.”
The Reynolds leadership team also emphasizes that the core values the Company is built on — integrity, quality, professionalism, innovation and flexibility — will remain in place, and the hardworking culture that it has embraced will continue to serve as its foundation.
Rick Evans adds “We have a proven reputation for “adding value” while providing unique building solutions. This alliance is an extension of our mission to improve the overall performance of buildings and the project delivery methods available to our customers.”
“Reynolds doubled in size in 2017 and we expect more sustained growth in 2018,” said Reynolds CFO Anthony Worrall. “But throughout that growth, and continuing with this partnership, we’ve worked hard to stay true to who we are. We believe this move will assist with our entry and success in new markets.”
With this partnership, Reynolds joins a portfolio of companies that includes national leaders in design, construction, equipment, and innovative energy services to meet the needs of this emerging industry. For more information about Reynolds, visit www.ReynoldsSolutions.com.