Azalea Capital has acquired substantially all of the assets and operations of Airco Industrial Contractors. As part of this transaction Azalea has formed a new holding company, Power Services Group, which will initially have two operating subsidiaries – Airco Power Services and Airco Industrial Services.
Airco Power Services serves national and international OEMs and electric utility companies in the servicing, repair, and maintenance of power generation assets. Sectors served include the nuclear, fossil, hydro-electric and wind industries, while services range from minor repairs to major installations, annual outage work, and equipment upgrades and retrofits. Airco Industrial Services serves manufacturing and industrial firms by providing equipment maintenance, repair and relocation services, as well as electrical, mechanical, and construction services. Sectors served include the pulp & paper, food, oil & gas, chemical, and aerospace industries. Power Services Group is based in Savannah, GA (www.powerservicesgroup.com).
Joining Azalea in this transaction as CEO of Power Services Group is Mr. Dennis McLaughlin, the former owner of The Atlantic Group, a power generation staffing firm that Mr. McLaughlin sold to Day & Zimmerman in 2006. Mr. Troy Burrows, formerly with BHI Energy, has joined Airco Power Services as President, while Mr. Ronnie Onofry, formerly with Power Equipment Maintenance has joined Airco Industrial Services as President. Mr. Greg Helmly and Mr. Jay Mahany, the former owners of Airco Industrial Contractors, will remain with the new company, in business development and operations roles, respectively.
“We are excited to partner with Azalea Capital in the acquisition of Airco Industrial Contractors. We look forward to building upon the company’s reputation in the power services and industrial maintenance industries by continuing to invest in our people and our processes. Our goals for the company include geographic expansion and new service offerings, while maintaining the highest level of quality and responsiveness customers have come to expect from the company as a trusted business partner,” said Mr. McLaughlin.
Azalea Capital invests in middle market companies that have minimum annual revenues of $10 million and EBITDAs of $2 million to $10 million that are located in the Southeastern US. Industries of interest include manufacturing, business services, consumer products, value-added distribution, and healthcare. The firm was founded in 1996 and is headquartered in Greenville, SC (www.azaleacapital.com).
Azalea Capital is actively seeking new investment opportunities for its third partnership, The Azalea Fund III, L.P. Current portfolio companies include Orbital Tool Technologies (Belvidere, IL); Modus (Washington, DC); Star Packaging (Atlanta, GA); KLMK Group (Richmond, VA); ETAK Systems (Charlotte, NC); and Sunbelt Chemicals (Palm Coast, FL).
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-13-12