PumpMan Holdings, a Soundcore Capital Partners portfolio company, has acquired the assets of Federal Pump. PumpMan Holdings was formed by Soundcore in September 2016 as part of the acquisition of PumpMan Inc.
Federal Pump, based in Brooklyn, NY, manufactures pump systems and provides service and repair to New York City’s five boroughs and parts of New York State.
PumpMan intends to re-establish Federal Pump as a leading pump systems and service and repair company serving the commercial, industrial, and municipal markets in New York, New Jersey and Connecticut. Post-close, Christopher Murtagh, President of Federal Pump, will serve in the same role and continue to lead Federal Pump. “The acquisition of Federal Pump provides a wealth of growth and opportunity,” said Mr. Murtagh. “Our longstanding presence in the New York market opens the door for opportunity, backed by the resources of a nationwide pump system, service and repair company to help accelerate our growth.”
“This acquisition is an extremely important piece of growing PumpMan into a national service and repair business,” said Donald Devine, President and CEO of PumpMan. “With Alyan Pump in Philadelphia and the addition of Federal Pump in New York, PumpMan’s service and repair footprint now covers a large portion of the Northeast Corridor, allowing us to address our customers’ needs quickly and efficiently.” Alyan Pump, Soundcore’s first add-on acquisition for its PumpMan platform, closed in March 2017.
PumpMan provides service and repair capabilities for all types of pumping systems. Services include repair/replacement of seals, bearings, shafts, impellers; machining of pump parts; motor rewinds; laser shaft alignments; impeller trim and balancing; and complete rebuilds or redesigns of pumping systems. PumpMan serves municipal, commercial, industrial, and residential customers in Southern and Northern California through Bartley Pump; the Greater Philadelphia area through Alyan Pump Company; and the Pittsburgh market through W.C. Weil Company. PumpMan was founded in 1976 and is headquartered east of Los Angeles in Baldwin Park, CA (www.pumpman.com) (www.pumpmanholdings.com).
Soundcore Capital Partners invests from $4 million to $30 million of control equity in lower middle market companies that are headquartered in the US or Canada. Typical targets will have from $3 million to $15 million in EBITDA. Sectors of interest include automotive, building products, business services, chemicals, consumer products, distribution, energy services & products, food & beverage, general manufacturing, healthcare services, industrial machinery & services, packaging, plastics, and transportation. Soundcore was founded in 2015 and is based in New York (www.soundcorecap.com).
© 2018 Private Equity Professional | January 4, 2018
