Pine Tree Equity Partners
Capital for Samll Companies

Pine Tree Equity Recapitalizes Big State X-Ray

Pine Tree Equity III, LP (“Pine Tree Equity”), a private equity firm based in Miami, FL, is pleased to announce that it has recapitalized Big State X-Ray (“Big State” or the “Company”) in January 2018. The Company, founded in 1974 and headquartered in Chickasha, OK with additional offices in Odessa, TX and Carlsbad, NM, is a leading regional provider of non-destructive testing services, primarily conventional radiography, to the oil and gas pipeline industry.

Pine Tree Equity partnered with Mr. Wade Penn, founder of Big State, to recapitalize the platform in order to materially expand its technician base and readily meet the growing demand from the oil and gas pipeline industry. Moreover, Pine Tree’s successful prior investment in Hi-Tech Testing (including add-on acquisitions of Wilson X-Ray and Western X-Ray), a leading national provider of non-destructive testing services, serves as a valuable roadmap to repeat success with Big State in partnership with its founding entrepreneur. The Company will aggressively pursue add-on acquisitions of competitive and complementary businesses in the non-destructive testing industry. Big State marks Pine Tree Equity’s 7th investment in the oil and gas services industry and 35th investment since Pine Tree Equity’s inception in 2007 (excluding an additional 29 physician group acquisitions completed since 2015).

We are pleased to offer traditional referral fees for a closed transaction based on a signed fee agreement. For additional information, please call Joe Walter at (305) 808-9839.

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Big State X-Ray


Pine Tree Equity

Pine Tree Equity, based in Miami, FL, is a private equity firm focused on the investment in and expansion of small capitalization companies – with revenue of $10.0 million to $50.0 million – in partnership with management. For additional information, please visit or please call Jeff Settembrino at (305) 808-9820.

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