Industrial Services Acquisitions in 2024

MB92 Group has acquired GYG Ltd., the superyacht painting, service and supply group that trades under the Pinmar, Pinmar Yacht Supply and Technocraft brands. The deal, which closed on Dec. 31, 2024, strengthens MB92's painting, supply and refit capabilities and expands its service offering across Europe and the U.S.

Wabtec Corporation has acquired Bloom Engineering, Inc., a Pittsburgh-based provider of industrial burners and combustion systems, for $69 million in cash. The purchase expands Wabtec’s heat transfer and energy solutions capabilities and is expected to be immediately accretive to EPS, with synergies to be realized over the next three years.

CIH (Central Indiana Hardware), part of the APTURA Group, has acquired Haley's Lock, Safe & Key Service, Inc., a family-owned locksmith and electronic security integrator with locations in Lafayette and Crawfordsville, Indiana. The deal preserves Haley's brand and local operations while providing additional resources from CIH/APTURA to expand service capabilities and market reach.

Relevant Industrial, LLC has acquired Loy Instrument, Inc., a Indianapolis-based provider of process control and combustion solutions. The acquisition strengthens Relevant's combustion, process control and automation capabilities and expands its geographic footprint in the U.S. Midwest.

Performance Systems Integration (PSI), a portfolio company of The Riverside Company, has acquired Sanderson Fire Protection as an add-on to PSI’s fire and life safety platform. Sanderson, a family-owned fire protection provider headquartered in Portland, Oregon, offers fire extinguisher service and suppression system inspection, repair and installation across Oregon and Washington, and the deal expands PSI’s suppression capabilities and regional presence in the Pacific Northwest.

LFM Capital’s portfolio company SureKap has rebranded as Excelis Packaging Automation and acquired Kraken Automation, a Canada-based specialist in high-speed material handling, case packing and cartoning systems. Financial terms were not disclosed; the acquisition expands Excelis’ turnkey packaging automation capabilities and adds secondary packaging and material-handling expertise to the platform.

Halifax Group completed an investment in Q-mation, a Horsham, Pennsylvania-based industrial automation software and hardware distributor and services provider. Q-mation’s CEO and founders are investing alongside Halifax and existing management will continue to lead the business; financial terms were not disclosed.

Integrated Power Services (IPS), a Greenville, South Carolina–based provider of electrical, mechanical and power management services, has acquired Tucson-based Switchgear Solutions, Inc. The acquisition expands IPS's footprint and capabilities in the Southwestern United States, adding Switchgear Solutions' remanufacturing, field and engineering services for mining, utilities and industrial customers.

KLH Capital has completed a recapitalization of Concrete Protection & Restoration (CPR), partnering with the company’s management team to provide liquidity and capital for accelerated growth. Headquartered in Baltimore, MD, CPR is a concrete restoration and structural repair services provider with over 100 skilled field technicians offering services such as post-tension tendon repairs, structural strengthening, protective coatings and waterproofing.

Benford Capital Partners’ portfolio company Argus Monitoring Solutions has acquired Morgan Construction Services, a Kansas City–based provider of seismic and vibration monitoring services for the construction sector. The add-on strengthens Argus' Midwest footprint and service capabilities, with Morgan's employees retained and founder Rob Morgan remaining as a manager focused on regional expansion.

Triad Service Solutions, a facilities maintenance provider backed by Tide Rock YieldCo, has acquired Brite Solutions, a nationwide facility maintenance specialist for transportation, logistics and warehousing facilities. The add-on expands Triad’s national footprint, subcontractor network and capabilities for 24-hour operations across 46 states, enabling cross-selling of services and accelerated growth.

Pearce Services, a New Mountain Capital-backed provider of mission-critical infrastructure services, has acquired Unified Power, a Terrell, Texas-based provider of UPS and backup generator maintenance and repair services. The deal, supported with incremental capital from Goldman Sachs Alternatives' Hybrid Capital group, expands Pearce's capabilities into UPS services and strengthens its presence across data center, telecom, healthcare and other mission-critical end markets; Incline Equity Partners sold Unified Power.

Altus Fire & Life Safety, a portfolio company of funds advised by Apax Partners LLP, has acquired Facility Compliance Services LLC & Facilities Compliance Fire Protection LLC (FCS), a Connecticut-based provider of inspection, testing, maintenance and compliance services. The acquisition is an add-on that expands Altus' geographic footprint into Connecticut and strengthens its fire protection and life safety service capabilities.

M&D, a U.S.-based aftermarket diesel parts distributor and remanufacturer, has acquired DSS ProDiesel Partners, LLC (ProDiesel), a fuel injector remanufacturer for Class 7 and 8 engines. The deal adds two Tennessee branches (Nashville and Johnson City), expands M&D's national footprint and strengthens its fuel-injection remanufacturing capabilities across North America.

Rhino Tool House, a PE-backed value-added distributor headquartered in Concord, North Carolina, has acquired Columbus, Indiana-based automation controls firm UWBA Design. Backed by Blue Sea Capital, the acquisition expands Rhino Tool House's controls and programming capabilities and is the fifth add-on completed during Blue Sea Capital's partnership with the platform.

Vortex Companies, LLC has acquired Tri-State Utilities and Pipe Vision from National Underground Group, a portfolio company of ORIX Capital Partners. The Virginia-based businesses provide trenchless pipeline rehabilitation, pipe cleaning and inspection services and will expand Vortex's capabilities and geographic footprint across the Mid-Atlantic and Southeastern United States. Financial terms were not disclosed.

Boston-based private equity firm New Heritage Capital has made a strategic minority investment in JA Moody, a Malvern, Pennsylvania-based maritime supplier of fluid control valves, actuators, strainers, parts and related services. The transaction — completed via New Heritage’s Private IPO solution — preserves JA Moody’s management control, includes the company’s Moody Marine Services division, and provides growth capital to support national expansion and operational scaling.

May River Capital and its portfolio company RLE Technologies have acquired NDSL Group Ltd., manufacturer of the Cellwatch battery-monitoring product line, and merged the businesses to form a new platform called Parameter. The combined company brings together battery monitoring and facility-environment monitoring capabilities to serve data centers, utilities, telecom and other critical-infrastructure end markets.

The Riverside Company’s affiliated European fund has invested in CRTM CleanRoomProducts GmbH as the fourth add-on for its portfolio company Dastex Group GmbH. CRTM, a Munich-based distributor of cleanroom consumables serving medical device, optics, pharma and semiconductor customers across the DACH region, will expand Dastex’s product range and regional penetration as part of a European buy-and-build strategy.

NextGen Security, a portfolio company of Dunes Point Capital, has acquired Micro Security Solutions, a Miramar, Florida-based electronic security integration firm. The add-on expands NextGen’s access control and video surveillance capabilities and geographic presence in healthcare, government, and other institutional end markets.

Thermal Technology Distribution Solutions (TTDS), a Gryphon Investors–backed distribution platform, has acquired Applied Thermal Systems, a Minneapolis-area value-added distributor of electric heaters, controls, thermocouples and related engineering services. The add-on expands TTDS's footprint in the Upper Midwest and strengthens its product and technical capabilities; terms were not disclosed.

Munich-based CERTANIA has acquired C.M.C. Sud Srl, a Genoa-headquartered specialist in non-destructive testing (NDT), material analysis, and inspection services. The deal brings C.M.C. Sud into CERTANIA's Testing, Inspection and Certification (TIC) platform to expand technical capabilities and accelerate growth in energy, manufacturing and nuclear markets.

Transcat, Inc. acquired Martin Calibration Inc., an ISO-17025 accredited calibration laboratory network, effective December 10, 2024, for $79 million (approximately $69M cash and $10M stock). The deal expands Transcat's Midwest service footprint — including a flagship Minneapolis lab and six additional locations — and strengthens capabilities serving medical, life sciences, aerospace, and nuclear customers; Martin brings nearly 150 employees.

Dallas-based private equity firm Crossplane Capital has completed the acquisition of Distributor Wire and Cable (DWC), a Denver/Aurora-headquartered master distributor of specialty electrical wire and cable. Crossplane partnered with DWC founder Bryce Huett and the management team to provide operational and financial resources to support the company's next phase of growth, including product, capability and geographic expansion.

CES Power LLC, backed by private equity firm Allied Industrial Partners, has acquired Base Craft, LLC, a provider of specialty services and equipment for the motion picture industry. The deal expands CES's footprint in film and broadcast services and launches a new CES Studio Services division to pursue further add-on growth; terms were not disclosed.

The Universal Group, a CAI Capital Partners portfolio company, has acquired Barricades and Signs Ltd., a leading traffic control and sign manufacturer headquartered near Edmonton, Alberta. CAI and equity co-investors including BDC Capital, Roynat Equity Partners and Frind Enterprises invested in the combined organization, while Jan van Bruggen will continue to lead Barricades and become a shareholder in the Universal Group.

Industrial Inspection & Analysis (IIA) has acquired Canada-based Kova Engineering Ltd., adding Kova’s lift inspection, NDT and certification capabilities and 15 Canadian offices to IIA’s footprint. The deal makes IIA the largest third-party lift inspection provider in North America and expands its engineering and inspection capabilities across multiple industries.

Pye-Barker Fire & Safety has acquired Security On-Line Systems, a Philadelphia-area provider of security systems, fire detection and alarm services, expanding Pye-Barker’s presence in Pennsylvania and the greater Delaware Valley (including southern New Jersey). Security On-Line’s team will remain in place to continue servicing local customers; owner William Lutz, Jr. sold the business to Pye-Barker.

Russel Metals Inc. has closed its acquisition of Tampa Bay Steel, adding the Tampa-based steel distributor and processor to its Southern U.S. businesses. The purchase expands Russel Metals' regional presence and processing capabilities as it pursues growth in the southern U.S. market.

Pye-Barker Fire & Safety acquired United Automation, a fire and security systems integrator with three Louisiana locations in West Monroe, Shreveport and Alexandria. The acquisition expands Pye-Barker's full-service life safety and security capabilities in Louisiana, adding expertise in alarms, access control, video surveillance and systems automation.

Elgin, Illinois-based Impact Environmental Group (IEG) has acquired Olympic Wire & Equipment, a Costa Mesa, California provider of baling wire, baling equipment, parts and service. The acquisition adds a strategically located service hub in California to IEG’s national compactor and baler service footprint; Olympic’s founder Jim Walker will remain to lead the business as part of IEG.

The Colt Group, a Houston-based provider of on-line industrial leak repair solutions backed by Capstreet, has acquired Plant Services, Inc. (PSI), a Worden, Montana-based specialist in on-line leak repair, hot tapping, line stopping and field machining, expanding Colt's footprint across the Rocky Mountain region. Terms were not disclosed; NXT Capital provided financing in support of Capstreet's add-on acquisition and refinancing of The Colt Group.

Limbach Holdings, Inc. (Nasdaq: LMB) acquired Consolidated Mechanical, Inc. (CMI) for an initial purchase price of $23 million with up to $2 million in contingent earn-outs. CMI, founded in Owensboro, Kentucky, is expected to contribute roughly $23 million of annualized revenue and $4 million of EBITDA beginning in 2025, expanding Limbach's industrial services footprint in Kentucky, Michigan, and Illinois and adding capabilities in power generation, food processing, manufacturing and metals markets.

Kymera International has acquired Coating Center Castrop GmbH (CCC), a Castrop-Rauxel, Germany-based thermal spray and precision machining services provider. The acquisition expands Kymera's Surface Technologies footprint in Europe, adds a European HaloJet ID HVOF service center and CNC machining capabilities to support aerospace, marine propulsion, pharmaceutical and industrial customers; terms were not disclosed.

Sandvik AB has completed the acquisition of Universal Field Robots (UFR), an Australia-based provider of autonomous interoperable solutions for surface and underground mining. UFR, headquartered in Brisbane with ~40 employees and reported revenues of approximately SEK 80 million for the year ended June 2024, will be integrated into Sandvik's Digital Mining Technologies division.

Motion & Control Enterprises (MCE), a Frontenac-backed supplier of fluid power, automation and flow control solutions, has acquired North East Technical Sales, Inc. (NETS), a Harleysville, Pennsylvania-based distributor of instrumentation and control products. NETS will continue operating under its name with existing leadership, and the acquisition expands MCE's flow control footprint and service capabilities across the Mid-Atlantic.

Sylmar Group has acquired Eastern Technologies, Inc. (ETI), a custom chemical blending and technical-support provider for the industrial water treatment market. ETI will operate under a dedicated Sylmar operating team with Gary Reggiani remaining as president, expanding Sylmar's capabilities in chemical blending and supporting its existing water platforms.

Stonehenge Partners, in partnership with Colville Group, completed a growth investment in Motion & Flow Control Products (MFCP), a Denver-area distributor of fluid connector and fluid power solutions. The capital will support MFCP's expansion of its ParkerStore network and service offerings across more than 50 locations in the Western United States.

EVI Industries, a Miami-based commercial laundry distributor, has acquired Jeffersonville, Indiana-based O'Dell Equipment and Supply. O'Dell will continue to operate under its existing name and facility with all 25 employees; for the 12 months ended June 30 it generated approximately $10.5 million in revenue. Terms were not disclosed and the acquisition is part of EVI's ongoing buy-and-build growth strategy.

DNOW Inc. completed its all-cash acquisition of Trojan Rentals, LLC, a provider of pump rentals, automation technology and layflat hose sales that support water sourcing, transfer, recycling and treatment. Founded in 2016 and headquartered in Odessa, Texas with approximately 90 employees, Trojan expands DNOW's water management offerings and complements its U.S. Process Solutions and Flex Flow pump rental businesses.

Kelvin Group, a national industrial and commercial mechanical services provider backed by Southfield Capital, has acquired JS Compliance, LLC, a nationwide process safety and risk management consultancy. The add-on acquisition — Kelvin's thirteenth since partnering with Southfield — expands Kelvin's process safety management (PSM) capabilities and geographic reach, and broadens its compliance service offerings for clients in food & beverage, cold storage and other process industries.

FloWorks International LLC, a Wynnchurch Capital portfolio company, has acquired Applied Controls LLC and AC Systems Integration LLC, both headquartered in Tulsa, Oklahoma. The acquisition expands FloWorks' technical capabilities and product offering to include process controls, heat trace and analyzer systems to better serve industrial end markets.

Applied Industrial Technologies has signed a definitive agreement to acquire Hydradyne, a leading U.S. fluid power and motion control distributor. The acquisition expands Applied’s Engineered Solutions capabilities and Southeastern U.S. footprint; Hydradyne’s ~500 associates across 33 locations are expected to contribute about $260 million in sales and $30 million in EBITDA before synergies.

H.I.G. Capital, through an affiliate, has completed the acquisition of Northwest Pump and Equipment Co., a distributor and service provider to fueling stations, EV charging infrastructure and other industrial customers across the Western United States. The company, founded in 1959, operates approximately 20 branch locations with ~350 employees and serves nearly 6,000 customers; H.I.G. intends to support organic and inorganic growth to expand product and service offerings and geographic density.

Woodson Equity has acquired the assets of the First Source Electronics business from Commercial Vehicle Group (CVG). The carveout brings control panels, electromechanical systems, cable assembly capabilities and a patented micro-fulfillment solution (STACC) into Woodson’s industrial services focus as the firm looks to grow its corporate carveout platform.

SmartSD, a Cobepa-backed Benelux distributor of security technology, has completed the acquisition of DERO Security Products, a security equipment distributor based in Eindhoven, Netherlands. The add-on deal expands SmartSD's product portfolio and customer reach across the Benelux while enabling cross-selling and operational efficiencies in warehousing and logistics.

Performance Systems Integration (PSI), a Portland-based fire and life safety platform owned by The Riverside Company, acquired Action Technology Systems (ATS) as an add-on to expand PSI’s footprint in the Portland, Oregon market. The deal strengthens PSI’s service offering in fire alarm service, monitoring, installations and related security systems as part of Riverside’s continued roll-up strategy in the fire and life safety space.

SurfacePrep, a Byron Center, Michigan–based surface finishing distributor, has acquired Leering Hengelo B.V., the Netherlands–based maker of Normfinish abrasive blasting systems. The deal expands SurfacePrep's European presence and combines Leering's abrasive blasting engineering and post-processing capabilities with SurfacePrep's resources to broaden product and service offerings.

Harrington Process Solutions has acquired Fluid Gauge Company, a specialty distributor of fluid process and flow control products based in South San Francisco, California. The acquisition expands Harrington's metal flow control product offering, fabrication capabilities and West Coast footprint; financial terms were not disclosed.

Pye-Barker Fire & Safety has acquired Protect Alarms Security Systems, a family-run security and alarm business based in Allentown, Pennsylvania. The acquisition expands Pye-Barker's fire, life-safety and security service footprint in eastern Pennsylvania and brings Protect Alarms' intrusion, fire detection, access control, CCTV and 24-hour local monitoring capabilities into Pye-Barker's network.