Private-equity-backed Industrial Service Solutions acquired Generational Equity client IPEC and Industrial Scaffolding Group on December 19, 2016. The companies did not disclose details of the deal.
IPEC, based in Grayling, Michigan, is a heavy industrial mechanical contractor that self-performs and manages all projects. With licensed mechanical contractors in 29 states, the company employs highly trained and highly qualified personnel.
Industrial Scaffolding Group is a full-service scaffolding company that provides scaffold rentals, erection and dismantling services throughout the U.S. The company also boasts experienced employees, as all field staff members are MSHA Part 46 trained and OSHA compliant.
The Edgewater Funds and JZ Partners are the equity firms that back Industrial Service Solutions (ISS). Through ISS, the companies aim to build a national provider of industrial field services, including repair and refurbishment of equipment found in most industrial and manufacturing facilities in North America.
Generational Equity’s Michael Goss, Managing Director of Mergers and Acquisitions, led the deal to a successful close with help from Generational Equity VP Luan Ly.
“The three managing members of IPEC and ISG had grown both businesses phenomenally well but had reached an inflection point of needing additional capital to take the business to the next level,” said Goss. “Industrial Service Solutions is on an aggressive growth plan and seeking to deploy capital and leverage synergies amongst its nearly two dozen related industrial services holding companies, and was poised to help the owners of IPEC and ISG accelerate growth and build upon their legacy in a new and exciting chapter.”
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