Exton-based Allied Resources Group (ARG) recently agreed to purchase New York City-based STV’s midstream oil and gas business operations.
The purchase will be effective Nov. 30.
“With the launch of our new strategic plan, we recognized the timing was right to rethink our position in this market,” Greg Kelly, STV president and CEO, said. “Finding the right partner where our talented oil and gas group would become the core business was essential to our team. We found that partner in ARG.”
The 2023-2025 strategic plan focuses on STV’s core infrastructure markets of transportation, buildings and water. It also concentrates on expanding the firm’s core markets, services and geographic footprint.
STV’s sale emphasizes its commitment to core growth areas and future-focused markets. It also allows the company to support a growth in investment caused by the historic Infrastructure Investment & Jobs Act. The bill will authorize $1.2 trillion for transportation and infrastructure in the near future.
ARG is comprised of seven business units. It provides engineering, engineering and healthcare staffing, industrial inspection, and project management.
STV is a infrastructure-focused professional services firm providing architectural, construction management, engineering, environmental, planning, and program management services. STV is a portfolio company of The Pritzker Organization.