Industrial Services Acquisitions in Iowa

Los Angeles-based private equity firm Fusion Capital Partners has acquired Excel Engineering, a Diagonal, Iowa-based testing and certification firm that provides engine, powertrain, battery and emissions testing services to OEM and industrial customers. The transaction (terms undisclosed) is positioned as a growth-oriented, capability-expanding platform investment to scale Excel's testing capacity, capabilities and talent; Monroe Capital acted as a joint lead arranger on the senior credit facility supporting the deal.

Baldwin Supply Company, a privately owned Midwest industrial distributor headquartered in Plymouth, Minnesota, has acquired Construction & Aggregate Products, Inc. (CAP), a distributor with locations in Des Moines, Iowa and Lenexa, Kansas. The acquisition expands Baldwin Supply's regional footprint and capabilities to better serve customers in aggregate, mining and construction markets.

Summit Fire Protection Co., a subsidiary of SFP Holding, Inc. (Summit Companies), acquired General Fire and Safety Company of Polk County, Inc. (d/b/a General Fire and Safety Equipment Company) in Des Moines, Iowa, effective August 13, 2024. The acquisition expands Summit's fire protection, alarm, suppression and monitoring capabilities in the Des Moines market and adds experienced local technicians and service capacity to its Iowa footprint.

Groome Industrial Service Group (an Argosy Private Equity portfolio company) acquired W-S Companies, a veteran-owned industrial and mechanical services provider headquartered in Council Bluffs, Iowa. Seacoast Capital and Ironwood Capital provided subordinated debt and co-investment capital to support the acquisition alongside Argosy and existing investors; Bridgepoint advised W-S on the sale.

Pye-Barker Fire & Safety has acquired Iowa Fire Equipment Company, adding five branch locations and expanding Pye-Barker's footprint into its 40th state. The deal secures the Iowa market, adds presence in Indiana and furthers Pye-Barker's Midwest expansion while Iowa Fire's team will continue serving customers across the Midwest and Florida.

National Carwash Solutions (NCS), a Grimes, Iowa-based provider of car wash equipment, cleaning fluids, parts and field services, has completed a recapitalization with Berkshire Partners. Berkshire Partners acquired its position from AEA Investors' Small Business Fund (AEA SBF); terms were not disclosed and the transaction is intended to support NCS's next phase of growth.