NEW YORK, July 31, 2012 - Odyssey Investment Partners, LLC announced today that it has acquired Integrated Power Services LLC ("IPS" or "the Company"), the leading provider of maintenance and repair services for electric motors and generators in North America, from The Riverside Company. Financial terms of the transaction were not disclosed.
Headquartered in Greenville, South Carolina, with 16 branches across the United States, IPS provides motor and generator repair services primarily to the power generation, petrochemical, metals, mining and pulp/paper end markets. The Company also serves as a distributor of new motors and provides field services at customer locations. IPS services approximately 17,500 motors and generators annually for over 4,000 customers.
Doug Rotatori, a Managing Principal of Odyssey, said: “Throughout our history, Odyssey has supported and successfully built numerous businesses in the industrial services sector. We believe IPS is a tremendous investment opportunity given the Company’s attractive financial profile, end market diversity, low customer churn and seasoned management team. Together with Brian Brehmer and his team, we expect to expand the business through continued organic growth as well as strategic acquisitions.”
The entire IPS management team, including President and CEO Brian Brehmer, CFO Paul Berens, and four regional Senior Vice Presidents are investors in the transaction and will continue to lead the Company under Odyssey's ownership.
Mr. Brehmer said: “Our new partnership with Odyssey will create additional opportunities for employees and advance our capabilities to serve our customers. I am confident that Odyssey will prove to be an invaluable resource and strategic partner to IPS, and that its deep knowledge of our industry and end markets will enhance our growth prospects and capabilities. We are extremely pleased to partner with Odyssey as we continue to grow the business.”
Mark Semer or Donald C. Cutler
Kekst and Company
(212) 521-4800 or (415) 852-3900
About Integrated Power Services LLC.
IPS is the leading provider of maintenance and repair services for electric motors and generators in North America. IPS is headquartered in Greenville, South Carolina and operates 16 branches across the United States. IPS services approximately 17,500 motors and generators annually for over 4,000 customers in continuous process industries such as power generation, petrochemical, metals and mining, among others. In addition, IPS provides new product sales and field services.
About Odyssey Investment Partners
Odyssey Investment Partners, LLC, with offices in New York and Los Angeles, is a leading middle-market private equity firm with approximately $2.5 billion under management. Odyssey Investment Partners makes control investments in established middle-market companies in a variety of industries. For further information about Odyssey Investment Partners, please visit www.odysseyinvestment.com. The firm can be reached in New York at 280 Park Avenue, New York, NY 10017 or (212) 351-7900; and in California at 21650 Oxnard Street, Woodland Hills, CA 91367 or (818) 737-1111.