Houston-based Pelican Energy Partners has acquired Veridiam, an El Cajon, California precision manufacturer of nuclear fuel channels and exotic-alloy components, from an affiliate of Sam Zell's Equity Group Investments (EGI). The deal, announced July 13, becomes the platform investment for Pelican's fourth fund, which the firm has dedicated to companies supplying critical services and equipment to the nuclear power industry. Financial terms were not disclosed.
Why Veridiam matters to a nuclear buildout
Founded in 1961, Veridiam vertically integrates in-house metallurgy, engineering and quality control to fabricate precision-machined components, sub-assemblies and specialty metal tubing from titanium, nickel-based superalloys, refractory metals and specialty stainless steels. Fuel channels, primary-loop components and other safety-classified parts are exactly the sort of long-lead exotic-alloy work that has become a bottleneck as US utilities extend the operating lives of existing reactors and developers push new small modular reactor projects such as Holtec's four planned SMR-300 units at Oyster Creek.
Fourth fund, familiar thesis
"Veridiam sits at the centre of our investment thesis and reflects the kind of deal Pelican does best," said Mike Scott, Managing Partner and Founder of Pelican Energy Partners. "With the right capital and operating support, we see a clear opportunity to strengthen the business, invest in its capabilities, and create long-term value for customers and shareholders." Pelican, founded in 2011, has now raised more than $1 billion in committed capital across four funds and completed 15+ realised investments, previously buying Lancs Industries and Environmental Alternatives to build out its nuclear-services roster.
What Veridiam gets from Pelican
Veridiam will keep its existing name, brand and management team, led by CEO Brian Joyal. "With Pelican's support, we will accelerate the modernisation and expansion of our manufacturing capabilities to meet unprecedented demand across the nuclear, aerospace, defence and medical sectors," Joyal said. Troutman Pepper Locke acted as legal counsel to Pelican, and Mayer Brown advised Veridiam.
Reporting based on coverage from Pelican Energy Partners' July 13, 2026 announcement and PR Newswire.