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Press Release

ABS Group Announces Acquisition of GenesisSolutions, Leading Enterprise Asset Management Services Provider

February 23, 2012

(Houston) ABS Group of Companies, Inc. today announced its acquisition of maintenance and asset management solutions provider Genesis Technology Solutions, Inc. (GenesisSolutions), headquartered in Ridgefield, Connecticut.

In little more than a decade, GenesisSolutions has grown to become a leading provider of integrated Enterprise Asset Management (EAM) services to major pharmaceutical, energy, food and beverage, manufacturing and facilities maintenance customers. With operations in the US, Canada, Latin America, Europe and Asia, GenesisSolutions will align with ABS Group's global footprint and complement existing Asset Management capabilities. GenesisSolutions will be combined with ABS Consulting's existing Reliability and Maintenance Management group to form a new EAM competency center.

According to ABS Group CEO, Tony Nassif, "The acquisition of GenesisSolutions will enable ABS Consulting to immediately expand our capabilities to deliver full-service EAM solutions to our extensive customer base in the Maritime, Oil and Gas, Nuclear, Renewable and Government market sectors." ABS Consulting President David Walker added that, "In particular, their systems and technology experience with all of the major EAM and Computerized Maintenance Management System software tools will equip ABS Consulting with a portfolio of solutions to directly improve customers' bottom lines through reduced downtime, improved efficiency and reduced labor and material costs."

ABS Chairman Robert D. Somerville said that, "The GenesisSolutions acquisition represents an important step in assisting our clients to maximize the return on their capital investments and increase operating efficiency." He added, "We are pleased that this acquisition provides ABS Consulting the capabilities to enhance the delivery of services and programs to our clients."

GenesisSolutions' Founding Partner and CEO Burton (Twig) MacArthur said, "The combination of GenesisSolutions and ABS Consulting will increase our ability to help clients realize a return on their assets through reduced maintenance costs and improved productivity. This integration will help us reach a broader base of customers with a broader set of offerings, while also expanding the range of career opportunities available to Genesis employees."

Terms of the transaction were undisclosed.

Learn more about ABS Group's Asset Performance Optimization services.

 

About ABS Group

ABS Group of Companies, Inc. (www.abs-group.com), through its operating subsidiaries, provides technical advisory and certification services to support the safety and reliability of high-performance assets and operations in the oil, gas and chemical, power generation, marine, offshore and government sectors, among others. Headquartered in Houston, Texas, ABS Group operates with more than 2,000 professionals in over 30 countries. ABS Group is a subsidiary of the American Bureau of Shipping (ABS), a leading marine and offshore classification society.

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