Sterling Partners has acquired DBi Services, a provider of outsourced maintenance services to government agencies, railways, utilities and private companies.
Company provided services include lake and pond management, vegetation management, grounds maintenance and landscaping, traffic sign management, roadway maintenance, sign installation and maintenance, pressure washing and graffiti removal, among others. The company has approximately 1,500 employees. DBi was founded in 1978 by Neal and Paul DeAngelo and is headquartered northeast of Philadelphia in Hazleton, PA (www.dbiservices.com).
“The success of an industrial services business is driven by its ability to provide customers with the highest levels of safety, quality and service. DBi has been delivering on that demand for nearly four decades,” said Matt Hankins, Principal at Sterling Partners. “The foundation and platform that Paul and Neal have built is strong, and we’re committed to working with the management team and employees to catalyze DBI’s growth.”
Sterling Partners focuses on investing growth capital in small and mid-market companies in industries with positive, long-term trends, including education, healthcare, and business services. Sterling manages over $5 billion in institutional capital. The firm was founded in 1983 and has offices in Chicago, Baltimore, and Miami (www.sterlingpartners.com).
“This is an exciting new chapter for our company and all our stakeholders. Today, I have the same passion and excitement about DBi’s future as I did 38 years ago. We’ve found a great cultural fit and a committed financial partner whose long-standing history of working with founders to accelerate growth tightly aligns with our family-oriented culture and mission,” said Paul DeAngelo, DBi’s Co-Founder and President.
Moelis & Company (www.moelis.com) was the financial advisor to DBi and Morgan, Lewis & Bockius (www.morganlewis.com) served as legal counsel. McGuireWoods (www.mcguirewoods.com) and Katten Muchin Rosenman (www.kattenlaw.com) served as legal advisors to Sterling.
© 2016 Private Equity Professional • 8-10-16
