Growth Management
Blackstone: An Industrial Services Firm Driving Growth Through Engineering & Strategic Partnerships
June 2025 edition of Business in Calgary, and Business in Edmonton.
By ATB Financial 6 June 2025 5 min read
Blackstone is a forward-thinking service provider specializing in the design, installation, commissioning, repair, maintenance, turnarounds, overhauls, retrofits, parts and engineering solutions for rotating and static equipment used in plant and pipeline maintenance. The company’s focus is on reducing the lifecycle costs of its clients’ most essential assets by providing solutions that are done right the first time, minimizing downtime and maximizing operational efficiency. With global operations and strategic partnerships—including collaborations with OEMs and industry leaders like Baker Hughes and CST —Blackstone extends its reach and expertise to clients across Canada, the USA and international markets.
Beyond its technical work, Blackstone is also distinguished by its dedication to sustainability and community relations. Proudly Métis-owned, the company actively recognizes and respects Indigenous rights and works to build meaningful relationships with First Nations, Inuit and Métis communities.
Combining engineering innovation with a customer-first approach, Blackstone continually elevates industry standards and remains a trusted partner for clients looking to protect and enhance the performance of their critical machinery.
Allan Schofield, CEO, founded Blackstone in 2012.
Through my experience in the industry, I saw a lack in the area of industrial services, specific to rotating equipment” says Schofield, who worked across Canada and the States for 14 years before launching the company. “I had a formula in mind on how things could be done so much better for both customers and field employees. I used this as the foundation of my business model.”
Beyond its technical work, Blackstone is also distinguished by its dedication to sustainability and community relations.
The first iteration of Blackstone was based in contractor services. Schofield was just 23 but had a keen eye for details, a passion for the work and a firm grasp of client needs and expectations. The formula was successful and over time he transitioned the contractor model into a limited corporation (and chose the name Blackstone at the time of incorporation).
Schofield points out that Blackstone’s growth and international success is a team effort.
“The growth of Blackstone owes much to the exceptional team that joined our ranks over the years. A significant milestone was when Alex Fulthorpe, president, joined the organization, bringing a high level of expertise in the commercial aspects of the business, including sales, contracts and master service agreements. His contribution played a pivotal role in building momentum for the company. From that period on, we diligently worked to expand Blackstone's footprint.”
He continues, “A major turning point came in 2018 when we acquired Nuovo Parts, aligning with their exit strategy and integrating them into our operations. Around the same time, we were heavily engaged with a local shop founded by Steven McMaster, who had successfully run the business for 13 years, focusing on millwright services. This collaboration culminated in On The Level Millwright Services becoming an integral part of our operations, becoming our service centre and further strengthening our capabilities. Purchasing and merging businesses continues to be a part of Blackstone’s growth strategy.”
Another significant aspect of Blackstone’s success lies in its ability to maintain and extend the life of machinery.
Company president Fulthorpe explains, “A lot of what we do is about keeping machines running. With a major investment in engineering capabilities, Blackstone pushes the limits of what’s possible, breathing new life into machines that have been in service for decades. Our approach combines technology and innovative engineering to achieve performance levels that were previously unattainable."
"The growth of Blackstone owes much to the exceptional team that joined our ranks over the years"
When components require removal from in-situ positions, Blackstone has developed a system to ensure swift response. Spare parts are always ready, facilities are on hand to handle repair or retrofit demands, and perhaps most importantly, an expert team is dedicated to improving the efficiency and longevity of equipment. This focus on life extension is critical in an industry where significant capital investments into new infrastructure, such as refineries, have slowed. Companies are increasingly prioritizing the maintenance and optimization of existing machinery to meet growing energy demands. Blackstone ensures that this aging infrastructure is not only maintained but is also upgraded to meet current operational challenges.
“We’re ahead of the curve,” Fulthorpe notes. “We invest heavily in ensuring that these machines can continue serving their operators, whether in refining and upgrading, fertilizer production, plastics and other processes. At the end of the day, it’s about caring for the machines that keep things running.”
“Very few others offer the integrated services we do,” smiles Schofield. “We can manage field service, refurbish or repair machinery, custom-manufacture parts and provide advanced engineering solutions all under one roof. That’s a rare capability in this industry, particularly for an independently owned company in Western Canada.”
Schofield and Fulthorpe both credit ATB as part of their successful journey.
“We shopped the big banks and were actually working with one of Canada’s main banks,” says Schofield. “However, their policies came from Toronto and their appetite for Western Canadian growth comes and goes. When we were at a major growth phase, peaking at the highest level of payroll we had ever seen, we approached our bank for help.”
The result, he says, was “not satisfactory."
So, instead, Blackstone turned to ATB.
“They took us right in and they learned about our business,” Fulthorpe says. “They never put us in a bad spot. ATB has been nothing but supportive. You don’t grow at the rate we have unless backstopped with capital. ATB flexed with us as required, evenas we expanded our services beyond Canadian borders.”
That global expansion is a point of pride that Schofield and Fulthorpe share with the team and the partners – and they are pleased to have Alberta as the home base for Blackstone’s continued growth.
Schofield says, “Alberta is a hub of innovation and what we achieve here has global implications. The knowledge and tradesmanship we develop isn’t confined to Alberta—it’s exportable. It’s critical that organizations and governments recognize this, as we continue solving problems worldwide.”
He concludes, “From starting at a kitchen table in 2012 to now operating in more than 10 countries, our ability to build strong teams and seize opportunities has been key to Blackstone’s growth.”
Learn more online at blackstoneindustrial.com.
From the June 2025 edition of Business in Calgary, and Business in Edmonton.
When components require removal from in-situ positions, Blackstone has developed a system to ensure swift response.
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