Industrial Services Acquisitions in 2018

NewAlpha Asset Management has acquired a majority stake in Presto Engineering through its Growth Equity fund, investing alongside founder Michel Villemain and with minority participation from Adaxtra Capital and Bpifrance Investissement. The transaction (from sellers Seventure Partners and CM-CIC Capital Privé) will support Presto's international growth, expand its recurring services for the ASIC production value chain, and accelerate deployment into automotive, IoT and other industrial markets.

Boston-based private equity firm WestView Capital Partners has acquired Bell and Howell, a Durham, North Carolina-based provider of technology-enabled mechatronic and service solutions, from Versa Capital Management (with co-investor Access Value Investors). The sale follows a multi-year repositioning by Versa that transformed Bell and Howell from a legacy mailing systems supplier into a profitable business focused on retail click-and-collect, packaging automation, factory intelligence and service solutions.

CenterOak Partners, a Dallas-based private equity firm, completed a majority recapitalization of GNAP, a Grand Rapids, Michigan-based specialty distributor of industrial abrasive products, equipment and specialty ceramics. CEO Michael Currie and the existing management team will remain in place as CenterOak partners with the company to support geographic expansion and growth of its product suite; terms were not disclosed.

Union Partners I LLC acquired the assets of Xcel Steel Pickling, Inc., a Dearborn, Michigan-based steel pickling and coil processing operation. The business has been integrated into Union Partners-owned Maksteel and will operate as Maksteel Processing, strengthening the platform's steel-processing capabilities and rail-served footprint in automotive and industrial markets.

Calvert Street Capital Partners has completed the acquisition of Zebra Environmental & Industrial Services and named Bill Hunter as President and CEO. Founded in 2005 by David and Amy Tedder, Zebra is a regional provider of environmental, industrial, and emergency response solutions across the southeastern United States; Calvert Street plans to support Zebra's growth and expand its multidisciplinary service offering.

DFW Capital Partners has sold its portfolio company Fleetwash Holdings, Inc. to an affiliate of ACON Investments. Fleetwash, a New Jersey–based provider of mobile power washing and facility washing services with a national footprint and over 10,000 customers, will remain led by co-founder and CEO Vito DiGiovanni and the existing management team, who have reinvested in the business.

Standex International Corporation has acquired Tenibac-Graphion, Inc., a Clinton Township, Michigan-based provider of chemical and laser mold/texturing and engraving services. The acquisition adds Tenibac-Graphion’s mold and tool texturizing capabilities and ~160 employees to Standex’s engraving and mold-services portfolio, expanding the company’s global capabilities and service offering to automotive, packaging, medical and consumer-product customers.

Waterlogic Americas has acquired Pro Line Water, a Sterling, Virginia provider of bottleless water coolers and air filtration systems owned by Mark and George Mrad. The acquisition expands Waterlogic’s point-of-use (POU) and air filtration footprint in Northern Virginia and is the company’s fifth acquisition in the Americas in 2021.

Ryerson Holding Corporation agreed to acquire Central Steel & Wire in a transaction announced June 5, 2018, valuing Central Steel & Wire at an enterprise value of $140 million (cash-free, debt-free). The deal, advised by Brown Gibbons Lang & Company, was approved by both boards and expected to close in Q3 2018 subject to regulatory approval and HSR clearance.

Union Partners I LLC has acquired Contractors Steel Company, a Livonia, Michigan-based carbon steel service center with multiple Midwest locations. The acquisition brings Contractors Steel into Union Partners' family of metals and logistics companies to expand capabilities and continue the company's legacy under new leadership.

International private equity firm Cinven has agreed to acquire JLA, a UK-based provider of commercial laundry, catering and heating equipment and contracted maintenance services, for an undisclosed sum. Headquartered in Ripponden, West Yorkshire, JLA serves over 25,000 SME customers, employs around 900 people, and will be supported by Cinven to pursue organic growth and buy-and-build expansion into new services such as heating and fire safety.

Chicago-based metals and logistics operator Union Partners has acquired Maksteel, a Mississauga, Ontario steel service center and toll processor. The deal expands Union Partners' North American footprint and adds substantial processing, inventory and dedicated transportation capabilities to serve customers across industries including automotive, construction and oil & gas.

Miller Environmental Services, a portfolio company of Trinity Hunt Partners, has acquired Belco Industrial Services, LLC from Threadridge Investment Partners. Belco, which operates industrial cleaning, linings & coatings, and mechanical services in the Gulf Coast (Prairieville, Louisiana and La Porte, Texas), will be integrated into Miller's Gulf Coast operations as an add-on to expand service capabilities and geographic coverage.

Blue Point Capital Partners has acquired FM Sylvan, Inc., a Pontiac, Michigan-based industrial contracting firm that provides pipe fabrication and installation, millwright and rigging, boiler installation and repair, and maintenance services. Blue Point will partner with FM Sylvan management to support growth through strategic planning, capability expansion, metrics/data initiatives and an add-on acquisition strategy.

Hadley Capital has acquired New Age Cryo, Inc., a Northern Illinois provider of industrial cleaning services, from founder Brad Potts. Hadley will partner with Jeff Potts to grow the business, which offers sponge blasting, dry ice blasting and hydroblasting services.

AI Fire acquired Facility Solutions, LLC — the parent company of Tri State Fire Protection, Tri State Hood & Duct and O'Connell Fire Protection — to expand its New England footprint and capabilities in fire and life-safety services. The deal is an add-on to AI Fire's growing national self-perform fire protection platform (AI Fire was PE-backed at the time).

ASRC Industrial Services (AIS), a Concord, California-based industrial and environmental services provider and subsidiary of Arctic Slope Regional Corporation, has acquired Mavo Systems, a White Bear Lake, Minnesota-based environmental and specialty services contractor. Mavo will become the foundation of AIS's Remediation and Response operating group, expanding AIS's remediation, abatement, demolition and emergency response capabilities in the Upper Midwest.

Align Capital Partners (ACP) has acquired International Systems of America, LLC (ISA), a Louisville-based provider of fire and life safety testing, inspection services and parts, from Gen Cap America. Cleary Gull served as exclusive financial advisor to ISA; ACP said it will pursue organic growth and acquisitions to expand ISA’s national footprint and service capabilities.

Fairmont Supply Company has acquired THB, Inc., a distributor of industrial fasteners with locations in Salt Lake City, Utah and Boise, Idaho. THB's local management will remain in place and the acquisition expands Fairmont's fastener offering and Western regional footprint, enabling broader MRO and value‑added kitting and packaging services for customers.

Fire & Life Safety America, Inc. (a portfolio company of Blue Point Capital Partners) has acquired Integrated Fire Protection, LLC, a Norcross, Georgia-based provider of fire and life safety inspection, maintenance, repair and installation services. Bravaldo Capital Advisors advised the seller; the deal expands FLSA's footprint and service capabilities in the greater Atlanta / southeastern U.S. market.

RESA Power, a portfolio company of Blue Sea Capital, has acquired NPM Services, Inc., a Cave City, Kentucky-based electrical testing, maintenance and repair services provider. The acquisition adds a RESA service center in Kentucky to expand the company's reach into the Midwestern and Southern U.S. and enhances RESA’s testing and maintenance capabilities for power distribution equipment.

DXP Enterprises, Inc. (NASDAQ: DXPE) has completed the acquisition of Application Specialties, Inc. (ASI), a cutting tools and industrial supplies distributor headquartered in Auburn, Washington. ASI generated approximately $37.0 million in sales and $2.9 million of adjusted EBITDA and will provide DXP with three new Pacific Northwest locations and added tooling/grinding capabilities; the acquisition was funded with cash on DXP's balance sheet.

Monroe Engineering Holdings, a ShoreView Industries portfolio company, has acquired Spangle Fasteners, Inc. as an add-on to Monroe’s industrial hardware platform. The deal — which adds Spangle’s fastener supply capabilities and warehouse footprint in Indiana and Texas — increases Monroe’s financial scale by roughly 30% and preserves Spangle’s management team to support cross-selling and geographic expansion.