Industrial Services Acquisitions in 2022

Aggreko has signed a definitive agreement to acquire Resolute Industrial from AE Industrial Partners for $440 million on a cash-free, debt-free basis. Resolute is a U.S.-based provider of temporary HVAC&R rental services, compressor remanufacturing and refrigerant storage operating from ~38 locations across North America; Aggreko says the deal expands its temperature-control capabilities and access to high-return capital equipment.

Pennzoil-Quaker State Company d/b/a SOPUS Products, a subsidiary of Shell USA, Inc., has acquired 100% of TFH Reliability Group, LLC, the parent company of Allied Reliability, to expand Shell's North American lubricants business with industrial services and predictive maintenance capabilities. The seller was Capstreet, the private equity owner of TFH/Allied Reliability; the transaction was signed and closed simultaneously.

UK private equity firm WestBridge has completed a secondary buyout of Alpine Fire Engineers Ltd, investing £18.7m to take a majority stake and providing an exit for Soho Square Capital. Alpine, founded in 1992 and headquartered in Greater Manchester, designs, installs and maintains fixed mechanical fire suppression systems across multiple industries and generated c. £38m revenue in the year to 31 March 2022.

Duke's Root Control, a Comvest Partners-backed platform, has acquired Pipetek Infrastructure Services, a Midwest-based sewer, utility and underground infrastructure services provider headquartered in Plymouth, Michigan. The add-on expands Duke's inspection, assessment and repair capabilities and extends its geographic footprint into the Midwest and into gas and water utility markets.

Power Grid Components, Inc., a Shorehill Capital portfolio company, completed the acquisition of Meister International in November 2022. The add-on transaction expands Power Grid’s distribution of high- and medium-voltage insulators, bushings and related utility hardware and broadens its national product and customer reach; terms were not disclosed.

Integrated Power Services (IPS) has acquired Evans Enterprises, Inc., adding all eight Evans service locations to IPS's North American network. The acquisition expands IPS's geographic footprint across the South-Central United States and enhances its electromechanical, power management, and rotating equipment service capabilities.

Abry Partners has completed a majority strategic growth investment in Better Protection, a new commercial fire protection and life safety platform formed by combining Assurant Fire Protection, Complete Fire Pump Service, and Xtreme Fire Protection. The Chicago-headquartered platform, led by CEO Don Mershon and the founders of the constituent businesses, will use Abry's capital to support organic growth and execute a targeted acquisition strategy across the Midwest and Southeastern U.S.

Main Street Capital Corporation completed a minority recapitalization of World Micro Components, LLC, funding $18.1 million in a combination of first-lien senior secured term debt and a direct minority equity investment. World Micro, a Roswell, Georgia-based distributor of electronic parts and supply-chain services serving aerospace & defense, healthcare, technology and industrial automation end markets, partnered with Main Street and a co-investor while the company's existing owner and senior management remain involved.

TJC, L.P. (The Jordan Company) has acquired Industrial Service Group Holdings, LLC (The Industrial Service Group) in a sale from KCM Capital Partners, with PNC Mezzanine Capital, Five Points Capital, and ISG management among the sellers. The transaction represents the exit of KCM's buy-and-build investment in ISG, a provider of recurring outsourced MRO services and rotating equipment repair, service and distribution for industrial end markets.

Calvert Street Capital Partners has made a control investment to form a new platform, Traffic Safety (Traffic Safety Solutions Holdings, LLC), by acquiring D2K Traffic Safety, Inc. The investment is alongside industry veteran Kathi Holst (who will serve as Operating Partner) and is supported with mezzanine financing from NewSpring Mezzanine and Southfield Mezzanine to fund growth and future add-on acquisitions.

Pearlman Group, a portfolio company of The Stephens Group, acquired Advantage Marketing, Inc. (dba Advantage Experts in Clean), a Midwest distributor of professional cleaning and restoration chemicals, supplies, and equipment. The Bonwell family will continue to lead Advantage in partnership with Pearlman; terms were not disclosed. The deal expands Pearlman's specialty distribution footprint and service/education capabilities in the Midwest.

CRW Consulting & Distribution, LLC (rebranding to CRW Companies) has acquired CCI Inspection Services, Inc., a Conroe, Texas–based provider of coating, pipeline and welding inspection services to major energy companies. The deal expands CRW's coatings and surface-preparation consulting capabilities for oil & gas and industrial clients; CRW plans to grow CCI's inspector roster and customer base with projected revenue increases.

Summit Fire & Security LLC (a subsidiary of SFP Holding, Inc./Summit Companies) completed the acquisition of C&S Safety Systems, LLC effective December 13, 2022. C&S Safety Systems — a Louisiana-based provider of fire protection, life safety services and PPE with locations in New Iberia and Baton Rouge — will continue operating from its existing locations as part of the Summit Fire & Security platform to broaden services and expand the company's customer base in Louisiana.

Wittenbach, a portfolio company of Argosy Private Equity, has acquired The Gilbertson Group (TGG), a family-owned security systems integrator. The add-on strengthens Wittenbach’s density in the Mid-Atlantic (PA/DE/MD), expands cross-selling opportunities into government and commercial markets, and integrates TGG into Argosy’s operational playbook.

Bishop Lifting, a portfolio company of Altamont Capital Partners, completed the acquisition of Worswick Group Holdings — a Florida-based group that includes Certified Slings and Supply and several other brands with ten operating locations across Florida. The add-on expands Bishop Lifting's physical footprint into Florida, broadens its lifting and rigging product and service offerings, and keeps prior owner Doug Worswick in a leadership role with the combined business.

Hibbing, Minnesota-based Premium Plant Services Inc. has acquired Mount Arlington, New Jersey-based US Cleanblast and the Midwest Division of Emory Industrial Services Inc. The transactions expand Premium's geographic footprint in the Northeast and Midwest and bolster its dry ice blasting and industrial cleaning capabilities across power generation, manufacturing, agriculture and food & beverage end markets.

Miner Ltd., the dock and door division of OnPoint Group, has acquired Able Rolling Steel Door Inc., a South Hackensack, New Jersey-based provider of overhead and specialty doors and loading dock equipment. The deal expands Miner’s presence in the New York City metro area and adds complementary new-construction, installation and service capabilities to Miner’s Northeast and Mid-Atlantic footprint.

D&H United Fueling Solutions, a Wind Point Partners-backed provider of fueling and EV charging services, has acquired Petroleum Service & Calibration (PS&C) of Denver, North Carolina and Double Check Company (DCC) of Kansas City, Missouri. The add-on acquisitions expand D&H's compliance, testing, installation and carwash-related service capabilities and extend its geographic footprint across the Southeast, Mid-Atlantic and Midwest.

Pye-Barker Fire & Safety has acquired Justice Fire & Safety, a Sioux Falls–headquartered fire protection company that operates five locations across South Dakota and Iowa. The deal expands Pye-Barker’s branch footprint in South Dakota and provides entry into the adjacent Iowa market; Justice will continue operating under President Mark Brenneman with support from Pye-Barker.

The Stephens Group, a Little Rock-based private investment firm, acquired Quality Valve, Inc., a Mobile, Alabama-based distributor of OEM valve replacement and repair parts, from Pfingsten. The transaction closed on December 6, 2022 for undisclosed terms; Audax Private Debt provided debt financing and Lincoln International served as debt advisor.

Griffin Dewatering, a portfolio company of Crossplane Capital, has acquired the Pump & Integrity rental segment of Cross Country Infrastructure Services, adding fleet, technical expertise and branch locations to create a national water-management platform. Graycliff Partners provided subordinated debt and a minority equity investment to support Crossplane Capital's acquisition and the merger of Pump & Integrity into Griffin, enabling geographic expansion, equipment efficiencies and cross-sell opportunities.

In-Place Machining Company (IPM), a portfolio company of Levine Leichtman Capital Partners (LLCP), has acquired East Coast Metrology, LLC (ECM), a Topsfield, Massachusetts-based precision measurement and calibration services provider. The acquisition expands IPM's Measurement and Alignment Services Division—adding 3D scanning, reverse engineering, CMM inspection and ISO/IEC 17025 calibration capabilities—to broaden service offerings and geographic coverage across North America.

TestEquity, the operating company of Distribution Solutions Group, announced the acquisition of Germany-based Instrumex (terms not disclosed). The deal adds a European test & measurement distributor to TestEquity’s platform as part of its international expansion and capability build-out.

Kroll has acquired Appraisal & Valuation Consultants Ltd (AVC) to form a dedicated energy team within its Fixed Asset Advisory Services practice. AVC’s specialists — led by co-founder Antony Attwell, who will become a Managing Director — will join Kroll in London, Manchester and Manila to expand Kroll’s energy-focused valuation capabilities for oil, gas, petrochemical, power, mining and related sectors.

Rosewood Private Investments' petroleum equipment platform StationServ completed four add-on acquisitions — Perry and Sons, Parish Petroleum, B&J Equipment and Titus Pump — expanding the platform's service, installation and distribution capabilities across the U.S. Gulf South and Texas. The deals deepen StationServ's geographic footprint across Texas, Louisiana, Arkansas, Tennessee and Mississippi and add capabilities in tank and piping installation/removal, equipment sales/installation and environmental compliance testing.

MML Capital Partners has acquired OnPoint Industrial Services, a Deer Park, Texas-based provider of safety, logistics and planning services for refinery and petrochemical turnarounds, from Capstreet (with minority involvement from HCI Equity Partners). Financial terms were not disclosed; Stellus Capital provided senior debt financing and an equity co-investment to support the transaction. MML said it will invest in technology and expand OnPoint's capabilities to accelerate growth.

Wynnchurch Capital has acquired a majority ownership in Industrial Service Solutions (ISS) from Edgewater Funds and JZ Capital Partners, with Edgewater and JZ retaining minority stakes. The recapitalization will support ISS's continued organic growth and acquisitive expansion of its national industrial MRO platform headquartered in Houston, Texas.

Glenview, Illinois-based Envoy Solutions has acquired Scranton, Pennsylvania-based Pennsylvania Paper & Supply Company (Penn Paper), a 100-year-old distributor of janitorial supplies, facilities products and industrial packaging. The deal expands Envoy Solutions’ regional footprint across Pennsylvania, New York and New Jersey and brings Penn Paper into Envoy’s national platform while preserving service for existing clients and employees.

Easy Ice, a national provider of full-service commercial ice machine subscriptions, has acquired Polar Ice Systems, a regional ice machine leasing and service company based in DeMotte, Indiana. The acquisition expands Easy Ice’s service footprint in the Midwest and adds a branch/service facility to support its growing customer base and machine fleet.

Easy Ice, the national leader in full-service ice machine subscription solutions, has acquired Cube Aire Refrigeration, an ice machine leasing and service company based in Lakeside, California that has operated since 1957. The acquisition expands Easy Ice's presence in Southern California by adding a branch location and service facility and increases customer density in the market.

Alliance Laundry Systems has closed the acquisition of Laundry Equipment Services (LES), a Hagerstown, Maryland-based distributor of Huebsch commercial laundry equipment. The purchase expands Alliance’s direct distribution and service footprint in the Mid-Atlantic and is the company’s fifth distributor asset acquisition in the past two years; LES was owned by Cameron Clark prior to the sale.

Jet Parts Engineering (a portfolio company of Vance Street Capital) has acquired Northeast Aero Compressor (NEACO), a Bohemia, New York-based aerospace component repair specialist. The add-on expands Jet Parts' PMA and DER offerings with complex pneumatic, hydraulic and electro-mechanical repair capabilities; Vance Street supported the transaction and Neuberger Berman provided debt financing.

US Service Group, a New York–based industrial services company, has acquired all assets and operations of Dalton Rigging and Transport of West Hartford, Connecticut. The acquisition strengthens USSG’s rigging, machinery moving and transportation footprint in New England and brings Dalton’s president Kevin Dalton and his team into USSG.

Sparus Holdings, a portfolio company of Ridgemont Equity Partners, has acquired United Locating Services (ULS), a utility locating and damage prevention services provider with operations across the Midwest and Southwest. ULS's leadership team will remain in place to run the business within the Sparus platform; terms were not disclosed.

Fortis Fire & Safety has acquired CJ Suppression Inc., a Corona, California-based fire protection services company, to expand Fortis’s presence in Southern California. The deal brings CJ’s team and capabilities into Fortis’s growing multi-regional platform; owner J. Moyer partnered with Fortis to ensure continuity for customers and employees.

EQT Infrastructure V has entered exclusive negotiations to acquire a majority stake in Trescal, the Paris-headquartered global leader in calibration laboratories, from OMERS Private Equity, which will remain a minority investor. Trescal operates more than 380 laboratories across 29 countries with ~4,400 employees and ~€450m in annual revenue; EQT will support the company's geographic expansion, digitization and capability development.

Merchants Metals Recycling II CD, LLC (the "Company of Merchants") has acquired C&D Scrap Metal Recyclers Co., Inc., a Houston-based scrap metal recycler, in a transaction that closed on November 21, 2022. The acquisition expands the buyer's portfolio of industrial facilities and increases its convenient metal drop-off footprint and brand recognition across the Greater Houston area.

Abcourt Mines Inc. entered into a definitive amalgamation agreement to acquire all issued and outstanding common shares of Pershimex Resources Corporation, creating a combined company (to be renamed Infinitas Gold Inc.) with a large Quebec-focused gold property portfolio. The transaction, structured as a three‑cornered amalgamation, will make Pershimex a wholly owned subsidiary of Abcourt pending shareholder and regulatory approvals and is intended to consolidate exploration and restart mining operations in the Abitibi region.

MFG Partners has completed an investment in Chuck's Septic Tank and Drain Cleaning, Inc., CST Utilities, LLC, and I-Bore, LLC (collectively "CST"), in partnership with PNC Mezzanine Capital and Centerfield Capital Partners. CST, founded in 1969 and headquartered in Grove City, Ohio, is a turnkey underground infrastructure services provider offering excavation, boring, drain cleaning and related pumping services to public utilities, telecom providers and other businesses; the deal is positioned as a platform investment to support the company's long-term growth.

Curtiss-Wright Corporation completed the acquisition of Keronite Group Limited for $35 million in cash. Keronite, a Cambridge, UK-based provider of Plasma Electrolytic Oxidation (PEO) surface treatment services that serve defense, commercial aerospace, industrial vehicle and semiconductor markets, will operate within Curtiss-Wright’s Aerospace & Industrial segment and generated roughly $9 million in sales in 2022.

Concentric, LLC, an OnPoint Group company and national leader in DC power management, has acquired Texas Motive Solutions, a provider of battery sales and service solutions to forklift dealers across Texas. The acquisition expands Concentric's footprint and capabilities in the Dallas and Houston logistics markets and will merge Texas operations under Evin Sisemore's leadership.

All Metals Industries, a portfolio company of Salt Creek Capital, has acquired Gerber Metal Supply Company, a regional distributor and processor of carbon sheet steel products based in New Jersey. Brown Gibbons Lang & Company served as exclusive financial advisor to Gerber; the transaction facilitates founder succession and expands AMI's geographic coverage and service capabilities in the Northeastern United States.

Summit Fire & Security LLC, a subsidiary of SFP Holding, Inc. (Summit Companies), has acquired Advanced Fire Equipment, Inc., a family-owned fire protection and suppression service provider serving central Florida. The acquisition brings Advanced Fire’s team and capabilities into Summit’s Orlando operations to expand local fire protection, suppression and maintenance services.

Arizona-based Empire Southwest has agreed to acquire Nevada-based Cashman Equipment, combining two third-generation Caterpillar dealers to strengthen service and support across the U.S. Southwest. The deal, expected to close in December 2022, brings together over 2,300 Empire employees and more than 1,100 Cashman employees to expand capabilities across construction, mining, energy and industrial end markets.

United Rentals agreed to acquire the assets of family-owned Ahern Rentals, Inc. for approximately $2.0 billion in cash. The acquisition expands United Rentals' branch footprint, adds over 60,000 rental assets and ~2,100 employees, and is expected to be accretive to earnings while delivering cost and revenue synergies.

RoadSafe Traffic Systems, the nation’s largest provider of traffic control and pavement marking services, has acquired Bay Area Barricade Service, Inc. (BABS), a Concord, California-based provider of job site and traffic safety products. The deal expands RoadSafe’s West Coast footprint in California; Craig Songster will remain in a transitional role to support the integration.

Municipal Emergency Services (MES), a Platte River Equity portfolio company, has acquired Interstate Rescue, LLC, a regional reseller and service provider of rescue equipment and apparatus serving Virginia and West Virginia. The deal expands MES’s product and service offerings and strengthens its geographic presence in Virginia and West Virginia.

Pye-Barker Fire & Safety has acquired ComTronix, a commercial and residential security and fire alarm monitoring company operating in Casper and Sheridan, Wyoming. The deal expands Pye-Barker’s footprint in Wyoming, strengthens its alarm division and enhances its communication and mass-notification capabilities.

Sier Capital Partners (through an affiliate) made a growth investment in US Electric, a Seattle-based provider of marine electrical repair and maintenance services. The capital will support US Electric’s management team and operating partner Chris Tarrach to scale operations, invest in resources and expand the company’s service reach along the West Coast.

The Bostwick-Braun Company’s Industrial Business Division has acquired Mill Supplies, Inc. (MSI), a regional distributor of power tools, abrasives, MRO and safety products operating in Fort Wayne and Indianapolis. The deal brings MSI into Bostwick-Braun’s industrial group to expand its Midwest footprint and serves as a succession plan for owners Andy and Karen Beckstein, who will remain in key management roles.