Align Capital Partners has acquired Alliance Source Testing (AST), an outsourced provider of emission testing services to industrial facilities.
AST provides its emissions testing services to industrial facilities for permitting and compliance in accordance with air-quality mandates from local, state and federal regulatory bodies. The company services customers’ facilities on a repeated basis, with the frequency determined by regulations for each industry.
AST’s customers are active in a range of industries including asphalt production; automotive manufacturing; cement production; chemical manufacturing; fiberglass; food & beverage; iron & steel foundry; mineral processing; energy; power generation; metals; printing; pulp & paper production; and wood products. The company, led by CEO Chris LeMay, has operations centers in Decatur, AL (headquarters); Little Rock, AR; Pittsburgh, PA; West Chester, PA; and Tyler, TX (www.stacktest.com).
“We are excited to partner with AST’s management team to build upon the success the company has achieved to date through consistently providing responsive customer service, accurate testing, and timely reporting,” said Robert Langley, Managing Partner at Align Capital Partners. “AST is a great fit with Align Capital Partners’ experience and operating resources, which help grow and professionalize founder-owned businesses.”
Align Capital Partners (ACP) makes control investments in companies that have from $3 million to $10 million of EBITDA. Sectors of interest include specialty manufacturing, distribution and business services. The firm was founded in 2016 by managing partners Steve Dyke, Robert Langley, and Chris Jones – all formerly of The Riverside Company – and has offices in Cleveland and Dallas (www.aligncp.com).
In September 2016, ACP held a first and final close of its inaugural private equity investment fund, Align Capital Partners Fund I, LP, and Align Capital Partners Fund I-A, LP. Align began fundraising in June 2016 with an initial target of $250 million and closed at its hard cap of $325 million.
Managing Partner Chris Jones and Vice President Jack Parks worked alongside Mr. Langley on the AST transaction.
Madison Capital Funding (www.mcfllc.com) provided financing for the transaction.
© 2016 Private Equity Professional
November 29, 2016
