History
In a small garage in Tulsa, Oklahoma, a single, shared telephone line and three desks set side-by-side across the tiny interior, the men behind each having to stand to let the other pass as they went about their work. This was the workspace for our founders, three former Tank Service, Inc.
Executives: men with an idea to build a tank repair company that would be known for service in the storage solutions market. It was April 4, 1984 when Doyl West, Bill Lee and Marty Rinehart, along with silent partner, Harold Morgan, incorporated Matrix Service Inc. Bob Wagoner, who was a significant shareholder and the first Vice President of Engineering for Matrix Service, joined the company about a year later.
1984
In our early days, we had 10 field employees, one administrative assistant, start-up capital of only $250,000 and a $1 million line of credit. Our first insurance coverage — a $100,000 requirement in order to begin work — cost $105,000. Our owners served in multiple roles — sometimes as suit and tie executives in the morning and hard hat field employees in the afternoon. Their wives took turns providing administrative support, and Bill’s wife, Sandy, created the first logo.
The plan was to achieve $25 mill ion in revenue, be debt-free in 10 to 12 years and then sell the company to the next generation of employees, but because of the commitment of our employees, things didn’t quite work out that way.
the early days
Instead, our employees grew the company far beyond the original plan. In the years since our humble beginnings in that one-room garage, the Company grew to support 30 offices and 5,000+ employees who build and maintain infrastructure across North America’s energy and industrial markets. Our work is critical to driving growth, security and a strong economy and, in turn, positively impacts millions of lives.
driving growth
With a solid reputation for quality, opportunities for diversification beyond tank repair came quickly. In the first ten years, we moved toward full service tank construction and maintenance while also expanding into the refinery maintenance and turnaround business.
In 1985, we opened our first union office in Michigan and three years later formed PetroTank Equipment, Inc. to develop and sell tank seals. By 1989, we had opened offices in Delaware, Houston and California. In 1990, we launched Tank Supply, Inc., now known as the Catoosa Fabrication Division.
That same year we also closed on the acquisition of Midwest Industrial Contractors, the first in a series of acquisitions that diversified our Company ’s offerings.
Among others, our acquisition of Colt Construction also expanded the market segments we serve to include Oil Gas & Chemical.
At the same time — just six years after opening our doors — in September 1990, we engaged in an Initial Public Offering. The Company listed on the NASDAQ Stock Exchange under the ticker symbol MTRX, where we remain today. The IPO raised $26 million, selling 3.25 million shares.
1984-1994: foundational years
Over the next ten years we focused on growth and development with continued acquisitions and the award of significant contracts. Yet, despite this good news, we also experienced a number of growing pains, discontinued or shed low performing or non-core assets and — tenacity intact — developed a new five-year plan to rebuild. Our goal? Double the size of the Company .
We continued to pursue strategic diversification, acquiring General Services Corporation which included MainServ, EPS and AllenTech. These companies further expanded our tank products and services division. We also prepared to take advantage of stricter environmental regulations that would raise standards on the use of storage tanks by the oil and gas industry.
Next came the acquisition of The Hake Group of Companies, a single event that doubled our revenues and provided entrance into the electrical infrastructure segment. Wall Street nodded its approval, nearly doubling the price of our stock, and in October 2003, we declared a one-for-one stock dividend demonstrating strong confidence in our employees and the future of our Company. By the end of the second decade, we had come of age.
1994- 2004: Growth, Growing Pains + Coming of Age
By our third decade, through projects awarded because of our reputation for quality and service, we had grown from a tank repair company to one providing services across four distinct segments: Storage Solutions, Oil Gas & Chemical, Electrical Infrastructure and Industrial.
We continue to pursue strategic acquisitions that broaden our reach, provide entrance to new markets and clients, expand our geography, add greater bench strength and allow us to execute larger capital projects. So, while our second decade was about coming of age, our third decade has been about ensuring LONG-TERM GROWTH + SUSTAINABILITY. building value for our shareholders, career opportunities for our employees, broader capabilities for our customers and an even stronger foundation for the future.
2004 + beyond
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