Alliance Source Testing, a portfolio company of Align Capital Partners, has acquired the stack testing operations of Golden Specialty.
Golden Specialty, founded in 1997, provides source emission (or stack) testing services and lab services to industrial facilities in the Western US. The company has offices in Houston, TX; Cedar
Rapids, IA; Bellingham, WA; and Salt Lake City, UT (www.goldenspecialty.com).
“We are happy to partner with Alliance Source Testing to divest the stack testing portion of our business,” said Scott Swiggard, CEO of Golden Specialty. “They are a well-run, focused stack testing business that will serve our customers well. We will continue to offer lab services under the name Golden Specialty and look forward to a renewed focus on that business.”
Alliance Source Testing (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; and iron & steel foundry. 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).
This is AST’s first add-on acquisition since it was acquired by Align in October 2016 and the combination of Golden Specialty and AST will create a company with a national footprint of nine offices across Alabama, Arkansas, Texas, Pennsylvania, Utah, Washington and Iowa. “The Align team looks forward to a sustained partnership with AST and will continue to invest in its growth,” said Align Managing Partner Robert Langley.
Align Capital Partners 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, Align 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. The firm began fundraising in June 2016 with an initial target of $250 million and closed at its hard cap of $325 million.
© 2017 Private Equity Professional | May 1, 2017
