Edgewater Growth Capital Partners is pleased to announce that we have recently completed four add-on acquisitions to our portfolio company Industrial Service Solutions Holding Corporation (“ISS”). ISS was formed to develop a strategic build-up in the fragmented industrial repair, refurbishment and services market. The initial platform investment for ISS was completed with the acquisition of Southern Parts and Engineering. Over the past three months, ISS has completed four additional add-on acquisitions, many of which have been in various stages of discussion with us for two to three years. These completed acquisitions are:
- Commodore Group (operating as Bay Valve), a provider of industrial valve in-shop repair and field services (completed April 2012)
- Gator Compressor, an independent dealer of used and reconditioned compressors and related equipment (May 2012)
- National Compressor Services, a provider of compressor in-shop repair and field services (June 2012)
- Pennsylvania Electric Motor Services, a provider of repair and rebuild services for electric motors and related equipment.
The ISS investment thesis is built on the need in the industrial manufacturing sector for skilled mechanical and engineering services to maintain, repair and replace specialized equipment typically found in most manufacturing plants. This mechanical equipment includes compressors, valves, gearboxes, motors/generators, pumps and other devices that are critical to maintaining productive plant operations but frequently require prompt repairs.
Edgewater is partnering with Jim Rogers who is CEO of ISS. Since 2007, Mr. Rogers has been chairman and interim CEO for Edgewater’s portfolio company Horsburgh & Scott, an industrial manufacturing company located near Cleveland, Ohio. Previously, Mr. Rogers was CEO of GE’s Industrial Controls Division and subsequently ran several industrial companies for private equity firm Clayton Dubilier & Rice. Edgewater and the ISS team have numerous additional companies in various stages of the acquisition process.