XPV Water Partners, Play a Critical Role in Business Succession Planning
Mobiltex’s founders sought an investment partner to build upon their legacy of hard work and core values. With XPV Water Partners, they found a team that shared their vision.
Several years ago, co-founders Jerry Chilibecki and Dale Poloway started thinking seriously about a succession plan for their thriving, Calgary-based company, Mobiltex. Since its doors opened in 1985, Mobiltex had grown into one of the largest providers of IoT remote monitoring solutions for corrosion protection (CP) systems in North America.
The company’s solutions arrived at the right time for the market. In recent decades, the increasingly regulated pipeline transmission market has started to make the shift from manual field inspection to cloud-based, remote systems. These systems simplify compliance reporting and empower technical teams with insight into the condition and integrity of their fluid transportation and storage assets. For Mobiltex’s customers, advanced remote monitoring is a game-changer.
With a thriving business in hand, the co-founders wanted to ensure that Mobiltex remained a top industry player.
“The next stage for Mobiltex had to take full advantage of the work and time we put into building the company and its reputation,” says Chilibecki. “We needed a partner that could use this momentum to help Mobiltex achieve even greater success. The company had to be left in good hands”.
Finding the right partner
Around the same time that Chilibecki and Poloway were thinking about succession planning, XPV Water Partners, a water investment fund and private equity firm, was meeting with various companies in the corrosion monitoring and prevention sector. A firm comprised of experienced business entrepreneurs, operators and investment professionals, XPV Water Partners invests in and actively supports the global water industry, innovative water technologies, and companies in water related sectors, enabling valuable growth.
Mobiltex’s co-founders had received plenty of interest in their company.
“Bankers, private equity firms, and even competitors had inquired about our plans,” says Chilibecki. “However, it was XPV Water Partners that got our attention. When their team came to us, they already had a thorough understanding of our company. They demonstrated a working knowledge of our challenges, our customers, and where we stood in the market. We were impressed.”
Building trust and leveraging experience
XPV Water Partners presented an exciting vision for Mobiltex, and Chilibecki and Poloway soon began envisioning the bright future for the company they had built together. More importantly, the two learned that XPV Water Partners and Mobiltex shared a core set of values. As they continued to talk with XPV’s team, it became apparent they had found a match.
“Jerry and I felt strongly that to maintain and grow our company, we needed a partner that understood and appreciated our approach to the business,” says Poloway.
XPV’s water equity focus on innovative technologies, and openness and transparency resonated with both founders. As they started working together, the two parties made sure their goals were aligned from day one.
Drawing upon XPV Water Partners’ resources, including a cohort of experienced water industry entrepreneurs, the team created a strategy to accelerate Mobiltex’s success.
“We were particularly motivated by spending time with XPV’s team. As entrepreneurs, they’ve been in the same boat, making the same decisions. Sharing their experience helped form a basis of trust and confidence,” says Poloway.
The two parties reached an agreement, and XPV Water Partners made an investment in Mobiltex that enabled the co-founders to step away from the business knowing that it was in good hands. One year later, Chilibecki and Poloway are pleased with the company’s progress and path forward.
“As founders, we are confident that our legacy is secure and our employees and clients continue to be a top priority,” says Poloway. “We’ve already seen excellent results – XPV is helping Mobiltex take business to the next level.”