Industrial Services Acquisitions in 2019

Vance Street Capital completed a recapitalization of Eirtech Aviation Services, with funds advised by Neuberger Berman Private Credit co-investing alongside Vance Street. Headquartered in Shannon, Ireland, Eirtech provides engineering, manufacturing, asset management and CAMO services to airlines, lessors and OEMs; founders Niall Cunningham and Gerry O'Shea retain a material ownership stake. The deal positions Eirtech for growth by providing capital, industry relationships and operational support; terms were not disclosed.

Warren Equity-backed Superior Industrial Maintenance Company (SIMCO) has acquired Maintenance Insulation Company (MICO), a Lancaster, South Carolina provider of corrosion protection and specialty industrial services. The acquisition expands SIMCO's service offering and regional footprint in the Mid-Atlantic and Southeast and is SIMCO's second add-on since Warren Equity Partners invested in the platform.

InfraServ US, through its subsidiary Gateway Bobcat, completed the acquisition of Acme Operations, a Greenville, South Carolina–based Bobcat dealership group. The deal expands Gateway Bobcat’s footprint into the Southeastern United States, bringing the combined company to 17 locations across eight states; terms were not disclosed.

Lincoln Road Global Management and Peninsula Capital Partners, through an affiliate, have partnered with Gold Coast Fire Protection (Fort Myers, FL) and Florida Fire Systems to bring both companies into the Republic Fire Protection platform. The acquisitions expand Republic's regional coverage across Florida and the Southeast while keeping the target companies' leadership and operational autonomy in place.

MiddleGround Capital has acquired Banner Service Corporation (also referred to as Banner Industries), a leading processor and distributor of precision metal bar products headquartered in Carol Stream, Illinois. The transaction is a control buyout from High Street Capital and is intended to support Banner's organic growth and platform expansion, including add-on acquisitions and further investment in medical-grade metal processing capabilities.

EQT (via its EQT VIII fund) has entered into an agreement to acquire Recover Nordic from funds advised by Agilitas Private Equity. Recover Nordic is a Nordic market leader in property remediation and environmental services, headquartered in Oslo with over 90 branches and more than 2,100 employees; EQT said it will support the company’s digitalization, professionalization and continued M&A-led growth.

Marmic Fire & Safety Co., a portfolio company of Thompson Street Capital Partners, has acquired Fire Control Systems of Charlotte, a provider of commercial fire protection services based in Charlotte, North Carolina. The add-on deal—Marmic's fifth since partnering with TSCP—expands Marmic's geographic footprint across the eastern United States and strengthens its inspection, testing, and service capabilities for fire extinguishers, alarm and suppression systems, and emergency lighting.

Platte River Equity has made a significant investment in GME Supply Co, a Columbia, Missouri–based distributor of fall protection, safety equipment and related gear for at‑height workers, in partnership with founder and CEO Beau Aero. Platte River invested from its fourth fund to support GME's continued growth across telecommunications, wind, solar, industrial and construction end markets; BMO Capital Markets provided financing for the transaction.

United Site Services, a portfolio company of Platinum Equity, has acquired S&B Porta-Bowl Restrooms, a family-owned portable sanitation provider based in Colorado. The transaction is an add-on acquisition that expands United Site's presence and service capacity in the Rocky Mountain region; S&B operated ~5,400 restrooms with about 70 employees.

Wynnchurch Capital acquired Clyde Industries, the pulp & paper and regional industrial business carved out from Clyde Bergemann Power Group. Clyde Industries, headquartered in Atlanta with manufacturing in Brazil and offices in multiple countries, provides engineered boiler cleaning/sootblower systems, aftermarket parts and services for pulp & paper, power and other industrial markets.

Gemspring Capital has completed an investment in Shrieve Chemical Company, partnering with Shrieve's leadership to support growth. Shrieve, a The Woodlands, Texas-based value-added distributor of industrial chemicals, specialty lubricants and performance fluids, will leverage Gemspring's chemicals and distribution expertise to expand product offerings and invest in the business.

Leonard Green & Partners has acquired a majority stake in Pye-Barker Fire & Safety, a U.S. route-based fire protection and life-safety services platform founded in Atlanta. Carousel Capital completed a majority exit from the company (remaining as a minority investor) after partnering with Pye-Barker since 2016, during which the company completed 35 add-on acquisitions and materially grew revenue and EBITDA.

Groupe KILOUTOU has acquired the lift (aerial work platform) rental activities of Werner Middeke Arbeitsbühnenvermietung in North Rhine‑Westphalia and Thuringia, Germany. The deal brings four agencies, a fleet of more than 530 machines and around 50 employees into Kiloutou’s German network as part of its continued expansion in the country; closing was expected in December 2019 subject to usual approvals.

Insight Equity Holdings LLC has acquired CSAT Solutions Holdings, LLC, a Houston-based provider of integrated electronic and digital device repair, inventory management, and reverse/forward logistics services, from CAI Capital Partners. Terms were not disclosed; Insight Equity said it will invest in capacity, add customer accounts, and pursue expansion into adjacent markets.

BrandSafway has acquired Bowline Construction LLC, a Norwell, Massachusetts–based provider of commercial construction access systems, effective November 18, 2019. The deal expands BrandSafway’s motorized access and hoist capabilities in the New England region and establishes a motorized hub at Bowline’s Norwell location to collaborate with BrandSafway’s Boston branch.

A-1 National Fire Co., a subsidiary of Summit Companies, has acquired Mac Systems, Inc., a fire and life safety services provider operating in Oklahoma City and Tulsa, Oklahoma. The transaction is an add-on acquisition to expand Summit/A-1 National Fire's geographic footprint in the Southern and Southwestern United States under the ownership of CI Capital Partners.

Shorehill Capital acquired an ownership interest in Triad Technologies, LLC in partnership with Triad's management team and the Wissman family. The Wissman family retained a significant ownership stake and Doug Wissman will join the company's board; Twin Brook Capital Partners and Maranon Capital provided financing. Triad is a Vandalia, Ohio-based value-added distributor of industrial fluid power and automation solutions, serving more than 7,000 active customers across 21 locations.

An entity controlled by the funds advised by Triton Partners has acquired a majority stake in Royal Reesink B.V. from Gilde Buy Out Partners, Teslin Participaties and Navitas B.V., with Triton investing alongside Royal Reesink management. Royal Reesink is an international equipment distribution and aftermarket services platform active in agriculture, turf care, material handling, construction and hydraulics, with around 2,100 employees; financial terms were not disclosed.

MacQueen Group, a Rotunda Capital Partners portfolio company, has acquired Temco Machinery Inc./Global Emergency Products. The deal expands MacQueen's dealer footprint (giving it exclusive Pierce and Oshkosh airport products rights in Illinois and Indiana) and strengthens its parts, service and emergency-equipment capabilities across the Midwest; Global is headquartered in Aurora, Illinois with additional service facilities in Peoria, Illinois and Indianapolis, Indiana.

Waterlogic, the Castik Capital-backed designer and operator of point-of-use drinking water systems, has completed the acquisitions of Pure Water Technology (PWT) Ohio and Pure Water Technology (PWT) Georgia. The add-on deals expand Waterlogic's U.S. footprint, adding an estimated 11,000 dispensers and more than 5,000 customers while integrating the PWT teams into Waterlogic's sales and service network.

All Safe Global (ASG), a portfolio company of Capital Resource Partners, acquired Thunderbird Cylinder of Phoenix, Arizona. The acquisition expands ASG's presence in the western United States and adds scale and capabilities toward building a national network of cylinder requalification centers to serve welding, industrial, beverage, propane and life-safety markets.

Cerberus Capital Management has agreed to acquire Kellermeyer Bergensons Services, LLC (KBS) from affiliates of GI Partners. KBS is a North American, technology-enabled provider of integrated facility management services serving industrial, commercial, logistics, retail and grocery customers; the transaction is expected to close in Q4 2019 with terms undisclosed.

Lincoln Road Global Management and Peninsula Capital Partners have partnered (through an affiliate) to add Jacksonville-based Aegis Fire & Integrated Services to the Republic Fire Protection platform. Aegis's president, Allen Andone, will continue to run the business as the platform expands coverage across the Southeast.

White Deer Energy, through a newly formed entity it primarily owns, has acquired TorcSill Foundations, LLC from Intervale Capital (Intervale Fund III). TorcSill, a Pasadena, Texas-based provider of engineered helical pile foundation solutions serving energy, industrial and power end markets, will continue to be led by CEO Tim Swift; financial terms were not disclosed.

Lincolnshire Management invested in Powerhouse and Security Vault Works (SVW), combining the businesses to create a national provider of refresh, remodel and facilities maintenance services. VSS completed a concurrent minority investment in Powerhouse and WP Global Partners also co-invested, with the combined platform employing more than 650 workers and leveraging a nationwide subcontractor network.

Holland Pump Company has acquired Alpha Pump & Equipment, Inc., a Baton Rouge-based specialty pump and accessory provider. The acquisition expands Holland Pump's footprint in the greater Gulf Coast region and adds product, rental and engineering capabilities to better serve industrial end markets such as petrochemical, environmental and construction/municipal sectors.

EQT-backed BBS Automation has acquired ReaLead, a founder-led Chinese automation solutions provider based in Kunshan, as its third add-on under EQT ownership. The deal strengthens BBS' footprint in China, expands access to ReaLead's domestic customer base and 5G telecommunications capabilities, and follows a €140 million refinancing that supports further consolidation.

Tecum Equity (Western Allegheny Capital, LLC) has acquired Pinnacle Cranes, a Link‑Belt and Manitex dealer operating in North Carolina and South Carolina. Pinnacle will continue operating from its service facilities in Charlotte and Raleigh while partners plan a leadership transition and search for a new headquarters to support future growth; the business was previously a division of Carolina Tractor and Equipment Company (CTE).

Sciens Building Solutions, a portfolio company of Huron Capital, has acquired Mount Dora, Florida-based SmartWatch Security & Sound, a fire, security and sound integrator. The add-on expands Sciens' presence in Central Florida and adds expertise in access control, video surveillance and sound systems to its integrated offerings.

Global investment firm The Carlyle Group and private equity firm Stellex Capital Management have closed their acquisition of Vigor Industrial LLC and MHI Holdings LLC and merged the businesses to create a bicoastal ship repair and fabrication platform. Carlyle will be majority owner, Stellex contributed equity, Jim Marcotuli was appointed CEO of the combined company, and legacy leaders including Frank Foti and Tom Epley will remain in board/executive roles.

Groupe Kiloutou has acquired Franche Comté Matériels, a regional equipment rental specialist operating two agencies in Besançon and Audincourt. The transaction expands Kiloutou’s earthmoving/terrassement offering and local footprint in the Bourgogne‑Franche‑Comté region, while integrating FCM’s fleet of more than 600 machines and its teams.

Brady Industries, a portfolio company of A&M Capital Partners II (part of Alvarez & Marsal Capital), has acquired a majority interest in MASSCO, Inc., a regional distributor of janitorial, office and packaging supplies headquartered in Wichita, Kansas. The acquisition is an add-on to Brady's platform that expands its product mix into industrial packaging and extends its distribution footprint into three additional states.

Waterlogic has acquired Aquafree, the largest point-of-use (POU) water dispenser company in Chile, giving Waterlogic its first direct presence in Latin America. The deal brings Aquafree's 21,500 installed dispensers and ~140 employees in Santiago and other regions into Waterlogic's global distribution and service network as part of its buy-and-build strategy (Waterlogic is PE-backed by Castik Capital).

Carroll Capital LLC has acquired Elevator Service, Inc. (ESI), a Grand Rapids-based independent elevator services provider, from owner Nate McFadden in partnership with ESI management. Carroll Capital will support ESI’s growth strategy, including expanding market share across Michigan and pursuing add-on acquisitions to build a regional elevator services platform.

Wynnchurch Capital has made a growth investment in Eastern Metal Supply (EMS), a Lake Worth, Florida-based value-added distributor and manufacturer of aluminum extrusions. The capital will support EMS's next phase of growth as it continues to expand its nationwide distribution and manufacturing footprint; EMS currently operates 14 distribution and manufacturing facilities and employs approximately 800 people.

Kiloutou has agreed to acquire STICAR, a regional Italian equipment rental company active in northern Italy. The acquisition (subject to customary approvals) brings STICAR's 9 agencies, 76 employees and a fleet of aerial work platforms and industrial forklifts into Kiloutou, strengthening the group's presence across Lombardy, Veneto, Piedmont and Emilia-Romagna.

CenterGate Capital has made an investment to acquire Naumann/Hobbs Material Handling, a Phoenix-based material handling equipment and service platform. Stellus Capital Management provided senior debt financing to support the transaction; the company was previously held by HCI Equity Partners and will use CenterGate's backing to expand its aftermarket service, parts platform and territorial reach across the Southwest.

Audax Private Equity has completed its acquisition of EIS, Inc., a distributor, fabricator, and converter of electrical process materials, wire, cable and assemblies headquartered in Atlanta, Georgia. Audax said it will support EIS’s growth through organic initiatives and a buy-and-build strategy, leveraging EIS’s 38 branches, four fabrication facilities, and broad North American customer base.

Jones & Frank, a portfolio company of MidOcean Partners and a leading provider of fueling system solutions, has acquired Petroleum Solutions, Inc. (PSI), a Texas-based distributor and service provider of petroleum equipment. The acquisition expands Jones & Frank's footprint and service capabilities in Texas and the greater Southwestern US / Gulf Coast markets; PSI will operate as Jones & Frank's Southwest region with existing leadership continuing while founder Tom Barron transitions to retirement/consulting.

Maroon Group LLC, a CI Capital-backed distributor of specialty chemicals, has acquired Cambrian Solutions, a specialty ingredients and chemicals distributor based in Oakville, Ontario, Canada. The transaction is Maroon Group's 10th add-on and expands the platform’s North American footprint and distribution capabilities across food, personal care, HI&I and industrial end markets.

Aloi Materials Handling & Automation (a portfolio company of Wincove Private Holding) completed two acquisitions in 2019, buying Automated Cells & Equipment (ACE) in April and Mainstream, Inc. in September. The deals expand Aloi’s engineering, robotics integration and nationwide conveyor service footprint as it evolves into a full-service material handling and automation provider.

Jernbro Industrial Services AB has agreed to acquire Veolia Environnement S.A.'s industrial maintenance business in Sweden, taking over operations in Kiruna, Avesta, Sandviken, Norrköping and Gothenburg effective 1 October 2019. The acquired business has over 300 employees and annual sales of about SEK 400 million; the deal increases Jernbro's turnover to SEK 1.4 billion and its headcount to roughly 950.

Dallas-based private equity firm Crossplane Capital partnered with the Sims family and Accent management to acquire a controlling equity stake in the Accent Family of Companies. Accent, headquartered in Tomball, Texas, is a value-added distributor of baling wire, wire ties, wire tier machines and a regional supplier of steel building materials; Crossplane said the investment will support the company's next phase of growth and infrastructure investment.

Valicor Environmental Services, a portfolio company of Pritzker Private Capital, has acquired Strength Environmental, LLC, a non-hazardous waste and centralized wastewater treatment provider headquartered in Inkster, Michigan. The acquisition expands Valicor’s treatment footprint and adds Strength Environmental’s PFAS/PFOA treatment and disposal capabilities in Southeast Michigan.

Mid-market private equity investor LDC has invested £24 million to support a management buyout of SRL Traffic Systems, led by CEO Richard Tredwin and his management team. The funding will be used to expand SRL's hire fleet, develop manufacturing capability, invest in new product development and pursue targeted acquisitions as the company scales across the UK.

Total Safety announced the acquisition of S&S Supplies and Solutions to expand its specialty distribution capabilities for industrial safety products and supplies. S&S will operate independently under the S&S brand with its existing leadership remaining in place as Total Safety integrates distribution into its service offerings to better serve power utility, automotive, airline and energy customers across the U.S.

Shermco Industries, a Gryphon Investors-backed provider of electrical testing, maintenance, commissioning and repair services, has acquired NextGen Technologies Ltd., an electrical testing and protection-and-control specialist based in North Vancouver, British Columbia. The NextGen management team will remain with Shermco as the company looks to expand its protection and control capabilities and geographic footprint across North America; terms were not disclosed.

Los Angeles-based private investment firm Pacific Avenue Capital Partners acquired Unitec Elevator from United Technologies in a corporate divestiture. Pacific Avenue intends to invest in the business to scale through organic growth and add-on M&A; Unitec provides elevator maintenance, modernization and code-compliance services across New York City.

Huron Capital made an additional equity investment in its pallet platform, Northwest Pallet Holdings, and combined Northwest Pallet with Prime Woodcraft Inc. The merged company will be headquartered in Schaumburg, Illinois, with Jack Donnell serving as President and CEO and Prime founder Ansir Junaid remaining a board member and significant shareholder.

KCM Capital Partners has acquired Industrial Valve Sales & Service (IVS), a specialty valve repair and distribution provider serving power, pulp & paper, chemical and oil & gas customers. Five Points Capital, in partnership with PNC Mezzanine Capital, provided subordinated debt and equity to support the transaction.