Harris
Williams & Co., a preeminent middle market investment bank
focused on the advisory needs of clients worldwide, announces the sale
of Integrated Power Services (IPS), the leading independent provider of
maintenance and repair services for electric motors and generators used
in industries such as power generation, petrochemicals, and mining,
among others, to Odyssey Investment Partners (Odyssey). IPS was a
portfolio company of The Riverside Company (Riverside). Harris Williams
& Co. acted as the exclusive advisor to IPS. The transaction closed on
July 31, 2012, and was led by Drew Spitzer, Brian Lucas and Matt White
from the firm’s Energy & Power (E&P) Group along with Ned Valentine and
Ian Thomas.
“Since acquiring IPS, Riverside and management have executed a very
successful growth strategy characterized by organic growth and several
strategic acquisitions that have transformed IPS into the industry’s
leading provider and the only company with coast-to-coast service
capabilities,” said Drew Spitzer, a managing director at Harris Williams
& Co. and co-head of the firm’s E&P Group. “IPS’s management team is
looking forward to partnering with Odyssey to continue to execute on
their growth strategy and provide the same quality service for their
customers. This transaction represents a great outcome for all parties
involved and provides continued momentum for our industrial services
practice.”
The industrial services sector has been a significant focus for Harris
Williams & Co. Over the past few years, Harris Williams & Co. has closed
over a dozen transactions in this sector with clients serving a broad
range of end markets, including Grand Isle Shipyard Inc., which provides
critical services to the offshore and onshore oil and gas industry;
Philadelphia Gear Corporation, which serves the industrial, power
generation, oil and gas, infrastructure and military marine industries;
and QualaWash Holdings, LLC, which serves the chemicals and
transportation industries.
IPS, headquartered in Greenville, SC, is the leading independent
provider of maintenance and repair services for electric motors and
generators used in continuous process industries. With decades of
experience, a proven reputation for “reliability delivered” and 16
nationwide service centers that provide coast-to-coast coverage, IPS is
the established industry leader. IPS’s critical repair solutions
maintain and enhance the performance of its customers’ motors and
generators while minimizing the downtime of equipment and systems that
rely on electric motors and generators. The company’s deep industry
experience and comprehensive services are vital in continuous process
industries where fixed costs are high and uptime is paramount. IPS has
unmatched technical capabilities to service electric motors and
generators of virtually any size, age, and type.
Riverside is a global private equity firm focused on acquiring and
growing businesses valued at up to $200 million (€200 million in
Europe). Since its founding in 1988, Riverside has invested in more than
280 transactions. The firm’s international portfolio includes more than
75 companies, and it has $3.2 billion/€2.5 billion in assets under
management.
Odyssey, with offices in New York and Los Angeles, is a leading middle
market private equity firm with more than $2.5 billion under management.
Odyssey primarily makes control investments, typically in established
middle market companies in a variety of industries.
Harris Williams & Co. (www.harriswilliams.com),
a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a
preeminent middle market investment bank focused on the advisory needs
of clients worldwide. The firm has deep industry knowledge, global
transaction expertise and an unwavering commitment to excellence. Harris
Williams & Co. provides sell-side and acquisition advisory,
restructuring advisory, board advisory, private placements and capital
markets advisory services.
The firm’s E&P
Group has experience across a broad range of sectors, including
industrial and infrastructure services, oil and gas equipment and
services, energy efficiency and clean tech, power products and
technology, engineering and construction, and environmental services.
For more information on our energy and power experience, please contact
Drew Spitzer or Brian Lucas at +1 (804) 648-0072.
Investment banking services are provided by Harris Williams LLC, a
registered broker-dealer and member of FINRA and SIPC, and Harris
Williams & Co. Ltd, which is authorised and regulated by the Financial
Services Authority. Harris Williams & Co. is a trade name under which
Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
For general release inquiries, please contact Kimberly Baker, marketing
director, at +1 (804) 648-0072.
