Industrial Services Acquisitions in 2023

AFC Industries, a portfolio company of Bertram Capital Management, has acquired Chicago Industrial Fasteners, a West Chicago, Illinois-based distributor of specialty and standard fasteners. Mazzone & Associates acted as exclusive financial advisor to Chicago Industrial Fasteners; the deal expands AFC's supply-chain capabilities and product offerings for OEMs across heavy truck, renewable energy, defense and automotive end markets.

Smart Care, a Wind Point Partners-backed platform, completed three add-on acquisitions in Q4 2023: Watson Refrigeration (Raleigh, NC), A Advantage Air (Birmingham, AL) and Metroplex Refrigeration (Dallas–Fort Worth, TX). The deals expand Smart Care’s refrigeration, HVAC and foodservice equipment capabilities and increase regional coverage and operational density across the Southeast and Texas.

MDWerks, Inc. (OTC: MDWK) has acquired RF Specialties, LLC, a provider of radio-frequency energy systems, engineering and equipment manufacturing used in wood, adhesives and food & beverage processing. MDWerks said the acquisition brings in-house technical expertise and manufacturing capability for its Sustainably Matured liquid maturation method (used by its Two Trees Beverage subsidiary), will increase capacity to meet demand, and will enable diversification and out-licensing opportunities across multiple industries; RF Specialties' founder Keith A. Mort will join MDWerks to continue overseeing the business.

Bridgestone HosePower, a subsidiary of Bridgestone Corporation, has acquired Greenville, South Carolina-based Cline Hose & Hydraulics, a family-owned hydraulic and industrial hose service business founded in 1948. The acquisition expands HosePower's mobile service and retail footprint in the Southeast U.S., increasing capacity to serve more customers and enhancing its hydraulic and industrial hose capabilities.

High Arctic Energy Services Inc. (TSX: HWO) has closed the acquisition of Delta Rental Services Ltd., a Red Deer, Alberta-based oilfield equipment rental company, for aggregate consideration of $7 million subject to earn-out provisions. The deal expands High Arctic's Canadian rentals footprint, brings Delta's assets, personnel and contracts into its operations, and is expected to materially increase Canadian revenues and provide operational synergies.

SCIO Automation GmbH completed the acquisition of Fabmatics GmbH (agreement announced Oct 30, 2023; deal closed Dec 27, 2023). Fabmatics, a Dresden-based specialist in material-flow and handling automation for semiconductor cleanrooms, will strengthen SCIO’s cleanroom/intralogistics capabilities and support the group’s global expansion. The transaction is an add-on to SCIO’s automation platform, which is PE-backed by Quadriga Capital.

LindFast Solutions Group (a Nautic Partners portfolio company) has acquired Hi-Q Fasteners, a Santa Fe Springs, California-based provider of sems, thread-forming and machine screws, spacers, standoffs and self-clinching hardware. The deal, completed December 27, 2023, is an add-on to LindFast's platform intended to expand product capabilities and leverage LindFast's supply chain and distribution network across North America.

Ironclad Environmental Solutions, a Kinderhook Industries portfolio company, acquired DenBeste Water Solutions, a provider of liquid containment and fluid management solutions based in Windsor, California. The add-on expands Ironclad's presence and capabilities in the Western United States; financial terms were not disclosed.

JDI Cleaning Limited Partnership, a portfolio company of TrussPoint Equity Partners, has acquired United Janitorial Inc. and Drake Clean Up Systems Inc. The UJ Group will continue to operate from Charlottetown, Prince Edward Island, with existing management and employees as JDI expands its commercial cleaning and duct/HVAC service offerings across Atlantic Canada.

Pennsylvania Steel Company, Inc., a veteran‑owned full-line metals service center, has acquired Stark Metal Sales, a full-line steel service center based in Alliance, Ohio. Heritage Capital Group served as exclusive financial advisor to Stark; transaction terms were not disclosed. The deal expands Pennsylvania Steel's service center footprint and processing capabilities in the Ohio/Pennsylvania region.

Elevator Service LLC (ESI), a Grand Rapids-based elevator service platform backed by Carroll Capital, has acquired Allrise Elevator Company, an independent elevator service provider in the Greater St. Louis market. The transaction is an add-on acquisition that will keep Allrise's branding and team intact while expanding ESI's Midwest footprint and service, modernization, and new construction capabilities in St. Louis and Mid‑Missouri.

Pye-Barker Fire & Safety acquired American Fire & Safety Supply, a fire protection and life safety equipment and service provider based in Ocala, Florida, expanding Pye-Barker’s footprint in northern Florida and southern Georgia. The American Fire leadership and team will remain in place to continue serving local customers as part of Pye-Barker’s growing platform of life-safety and security businesses.

Orica (ASX: ORI) agreed to acquire Terra Insights from Vance Street Capital for CAD 505 million in a deal announced December 19, 2023, expected to close in H1 2024. The acquisition expands Orica’s digital and geotechnical monitoring capabilities by adding Terra’s end-to-end sensor, data delivery and geospatial monitoring platform, headquartered in Vancouver, British Columbia.

First Reserve, a global private equity firm focused on energy and industrial markets, has acquired AP Group LLC ("AP4"), a global provider of gas and steam turbine maintenance, parts and field services. The acquisition establishes a platform for First Reserve in mission-critical turbomachinery aftermarket services and positions AP4 for organic growth and complementary add-on acquisitions; financial terms were not disclosed.

Painters Supply & Equipment Co. (PSE), a Michigan-based paint and coatings distributor, has acquired Interbay Coatings, Inc., a specialty coatings distributor headquartered in Tampa, Florida. The acquisition expands PSE's specialty coatings capabilities and adds a regional presence in the heavy marine and industrial coatings end-markets.

Argosy Private Equity has acquired a controlling interest in Wize Solutions, a Salt Lake City–based full-service warehouse racking, automation, and dock & door installation company. Argosy will deploy its Value Acceleration Methodology to expand sales and marketing, improve processes and technology, pursue strategic hiring, and evaluate add-on acquisitions to drive growth.

Pye-Barker Fire & Safety has acquired two Greensboro, North Carolina-based security and alarm companies: Alarmguard Security, Inc. and Sentry Watch. The acquisitions expand Pye-Barker’s North Carolina footprint and add local teams that will continue to serve residential and commercial customers under the Pye-Barker platform.

The Valcourt Group has acquired woman‑owned AwnClean USA, a Tampa-based exterior building cleaning company, to expand its service footprint in the Tampa, Florida market. The deal adds awning, pressure washing, window and roof cleaning capabilities to Valcourt’s nationwide platform (which operates in 24 states with ~1,800 employees) while preserving AwnClean’s existing operations under its owner, Amy Diehl.

W.W. Grainger, Inc. has sold its subsidiary E&R Industrial Sales, Inc. to Paradigm Equity Partners. Terms were not disclosed; Grainger said the sale lets it focus on its core MRO business while E&R will pursue growth under Paradigm's ownership.

Funds managed by Harvest Partners have completed the acquisition of Road Safety Services, Inc. from Parallel49 Equity. Headquartered in Omaha, Nebraska, Road Safety Services provides pavement marking and road-safety services across 15 states from nine facilities; the company's management team, led by CEO Mike Johnson, will remain significant owners and continue to lead the business. Transaction terms were not disclosed.

Relay Fire & Safety, the Riverside-backed life safety platform, has acquired Metro Fire Inspection and Maintenance Inc., a New York City-area fire protection, inspection and maintenance services provider. The deal is an add-on to Relay's platform (backed by The Riverside Company) to expand the firm's footprint into the New York metro area and broaden local service capabilities.

BP Energy Partners (BPEP) has acquired a majority stake in Odessa American Industrial Machine (AIM) from AAVIN Equity Advisors. AIM is a regional provider of mission-critical repair, fabrication and aftermarket parts for natural gas compressors based in Odessa, Texas; BPEP said the investment supports the firm’s strategy to build capabilities across the natural gas value chain and accelerate AIM’s next phase of growth.

H&E Equipment Services signed a definitive agreement and subsequently completed the acquisition of Phoenix-based Precision Rentals, adding two branch locations (Phoenix and Aurora, Colorado) and a rental fleet with approximately $70 million of original equipment cost. The deal increases H&E's branch density in the Phoenix and Denver metropolitan areas and expands its footprint in attractive non-residential construction markets.

Aberdeen-based Centurion Group completed four strategic acquisitions in 2023 — Blue Drop Solutions Inc., RioView Industries Inc., Whitetail Energy Services Inc., and BBB Remote Site Services — to expand its operational footprint and service capabilities in water/wastewater, remote camp accommodations and rental services across Canada and Australia. The deals are complementary to Centurion's existing rental and services platform and are expected to increase 2023 Group revenue and EBITDA while strengthening presence in key energy, mining and infrastructure markets.

Sunbelt Rentals (Fort Mill, South Carolina) has acquired the six-location rental business of Nor-Val Rentals, a British Columbia–based equipment rental operator. The deal, effective Dec. 1, 2023, transfers Nor-Val's stores in Armstrong, Vernon, Oliver, Penticton, West Kelowna and Kelowna to Sunbelt; former owner Jim Clipperton confirmed the transaction.

BECO Holding Company (BHC), an H.I.G. Capital portfolio company doing business as Brooks Equipment, has completed the acquisitions of Electronic Supply Company (ESC) and Grease Lock. The add-on transactions expand BHC’s product segments, vendor relationships and geographic footprint across the U.S., with H.I.G. supporting BHC’s continued platform build-out.

CertaSite, a commercial fire protection and life safety company headquartered in Indianapolis, acquired Copp Systems, a Dayton, Ohio-based security and fire protection business. The deal brings all Copp employees into CertaSite and is intended to expand CertaSite's technology capabilities (access control, video surveillance, cloud-based monitoring) and its footprint in Ohio and the broader Midwest.

Platte River Equity has partnered with the management teams of TIPCO Technologies and HydraTech Industrial Solutions to combine the two distributors into a national independent distributor operating under the TIPCO Technologies name. The combined business will operate 30 locations across 13 states, expanding geographic footprint, investing in technology and inventory, and positioning the platform for further growth; financing was provided by Apogem Capital and legal counsel to Platte River was Bartlit Beck LLP.

American Pacific Group (APG) has completed the previously announced going-private acquisition of Spark Power Group Inc., a Oakville, Ontario-based provider of electrical power and maintenance services across North America. APG will partner with Spark Power's management to scale the business and expand its capabilities serving industrial, utility and renewable energy end-markets; the seller included Red Jar Capital Corp. and other selling shareholders.

USA DeBusk LLC has acquired Nitro-Lift (Nitro Lift Technologies LLC, Nitro-Lift Fabrication LLC, and Nitro-Chem Solutions LLC), a family-owned provider of nitrogen services, fabrication and chemical sales serving upstream, midstream and downstream oil & gas markets. The deal expands USA DeBusk’s turnkey service offering and geographic footprint, with Nitro-Lift’s operations to be branded as Nitro-Lift, A USA DeBusk Company.

San Francisco Bay Area-based private equity firm Salt Creek Capital has acquired Pioneer Industrial Sales, a distributor of power transmission, MRO, material handling and packaging products. The founders Chris Price and Jerry Nowlin will transition leadership to incoming CEO Hank Pennington as Salt Creek works with management to expand the business and pursue growth opportunities across its customer base and product portfolio.

Harbour Group has acquired Trelltex, Inc. (d/b/a Texcel), a Houston-based supplier of industrial and hydraulic hoses, fittings and fluid sealing products, to join its specialty-flow components platform. Texcel will operate alongside Harbour's existing platform companies (Stainless Hose Fittings, Omega One and AMFM) to expand product offering and national distribution capabilities; terms were not disclosed.

Kelvin Group, backed by Southfield Capital, has acquired Advanced Examination Services (AES-NDT), a Torrance, California-based provider of non-destructive testing (NDT) services for the petroleum, chemical and agricultural industries. The deal is Kelvin Group’s ninth acquisition since partnering with Southfield; Deerpath Capital Management provided debt financing and G2 Capital Advisors served as buy-side advisor.

Harrington Industrial Plastics, a portfolio company of Bain Capital Private Equity, has acquired PumpMan Holdings, LLC from Soundcore Capital Partners. PumpMan is a provider of onsite maintenance, repair, replacement and pump sales for commercial, industrial and municipal water and wastewater systems; the deal adds national pump service capabilities to Harrington's flow-control distribution platform.

SCF Partners has completed an investment in Callidus Process Solutions Pty Ltd, a Perth-based specialist provider of valve management, specialist welding and maintenance services to the critical minerals processing and LNG sectors. SCF will partner with the Callidus management team to support geographic growth and enhance the company’s service offering; Callidus employs in excess of 300 people across Australia and the Asia Pacific region.

Pritchard Industries, a New York–based facilities services provider, has acquired ACP Facility Services, a national commercial maintenance and cleaning company. The deal (terms undisclosed) expands Pritchard's geographic footprint and capabilities—notably into life sciences and manufacturing verticals—and names ACP COO Michael White as Pritchard's Regional Vice President of New England.

Ryerson Holding Corporation has acquired Hudson Tool Steel Corporation, a supplier of standard and specialty-grade tool steels headquartered in Cerritos, California with additional locations in Loves Park, Illinois and Dover, New Hampshire. The acquisition expands Ryerson's tool steel capabilities and distribution footprint to better serve customers across its North American network.

Motion & Control Enterprises (MCE), a Frontenac-backed industrial distributor, has acquired Parker Hannifin Filtration (Houston), LLC (dba Filter Resources, Inc.). Filter Resources — a distributor of process liquid and air filtration products serving downstream oil & gas, petrochemical, and specialty chemical markets — will retain its brand and continue operating from its Pasadena, Texas and Lake Charles, Louisiana locations under General Manager Sidney Mondin. The deal expands MCE's filtration capabilities as an add-on to its platform.

Komar Industries, a Groveport, Ohio-based designer and manufacturer of industrial waste and recycling processing systems, has acquired Winter Equipment Corporation, a distributor of waste handling and recycling equipment based in Columbia, Pennsylvania. The acquisition brings Winter’s sales, installation, service and rental capabilities into Komar’s channel footprint across the Eastern United States and was completed by owners Mark and Tammy O'Neal.

Huyett acquired all assets and business of Big H Corporation (doing business as PacFas and Mobile Fasteners) in South Houston, Texas, effective December 1, 2023. The deal adds roughly 45,000 SKUs — largely threaded fasteners — to Huyett's offering, expands its machine-shop capabilities and strengthens its distributor presence in the Houston market.

OWL Services, a national provider of fueling construction, service and compliance solutions, has acquired Dark Horse Enterprises, Inc., a Mid-Atlantic fueling construction and environmental compliance company based in Pasadena, Maryland. The deal strengthens OWL's geographic coverage and fueling construction resources in the Mid-Atlantic, bringing Dark Horse's employees and local expertise into OWL's national platform.

EMI Group has partnered with and brought KADRA into its platform, adding Romania’s leading access automation and parking-management specialist to the group. The deal, supported by EMI’s financial backers Innova Capital and Morphosis Capital, strengthens EMI Group’s regional footprint and service capabilities across industrial, healthcare and retail end markets.

Caerus Equity Partners, a lower-middle-market private equity firm based in Atlanta, acquired C&L Cylinder and Machine, a Rome, Georgia-based provider of machining, welding, grinding, repair, and manufacturing services. The founder, Eddie Terry, is exiting and will collaborate with Caerus' founder Ben Eugrin as the firm seeks to grow the business and expand services for existing and new customers.

Denver-based private equity firm Molior Growth Partners, led by founder Ben Schnakenberg, has completed a recapitalization of Western Storage & Handling, a Denver-based designer, distributor, and installer of material handling and storage equipment. The transaction marks Molior's inaugural investment and will support Western's geographic expansion and enhancement of automated material handling capabilities while retaining existing leadership and operations in Colorado.

Aldinger Company, a Dallas-based calibration services provider and portfolio company of Incline Equity Partners, acquired Instrument Technologies, Inc., an A2LA-accredited instrument calibration provider with a primary lab in Boise, Idaho and four mobile labs in the Seattle area. The transaction, advised by Generational Equity, closed on November 30, 2023 as an add-on to Aldinger to expand its geographic footprint and calibration capabilities.

May River Capital, a Chicago-based private equity firm, has acquired RLE Technologies, a Fort Collins, Colorado provider of facility environment monitoring, fluid leak detection, and airflow management products. The acquisition—structured as a platform investment—will keep RLE's management team in place and positions May River to grow RLE's presence in data center and critical facilities monitoring.

Pye-Barker Fire & Safety has acquired S&S Sprinkler, a fire protection and security services provider with five locations across the U.S. Southeast. The deal expands Pye-Barker's Gulf Coast and broader Southeastern footprint while retaining S&S leadership to support growth; financial terms were not disclosed.

Main Street Capital Corporation provided $24.7 million in senior secured debt and a direct equity investment to recapitalize Compass Systems & Sales, LLC. The funding, made alongside an unnamed co-investor and the company's existing owner and management team, will support Compass's operations and long-term growth in material handling systems and services.

Calibre Scientific, a Los Angeles–based provider of life science reagents, tools and instrumentation, has acquired Scientific Support Services Ltd (SSS), a UK-based supplier of analytical instruments, consumables and technical services. The acquisition expands Calibre Scientific's product and service offering and strengthens its market presence across the British Isles, while adding customer relationships in petrochemical, environmental, pharmaceutical/clinical and food & flavors end markets.

Swiss-headquartered Pictet Alternative Advisors has completed a secondary buyout of Reading-based facilities management provider Pareto FM, acquiring the stake previously held by NVM Private Equity. NVM realized a 4.2x return after backing Pareto in a 2021 management buyout; under NVM Pareto expanded its headcount (141 to 509) and grew revenues nearly threefold.