IFS Group, a portfolio company of The Riverside Company and True North Equity, has acquired SET Industrial Services.
SET provides industrial cleaning and related on-site facility services across the Midwest, including vacuum truck services, tank cleaning, and hydroblasting. The company is based in Henderson, KY (www.enviroset.com).
In March 2015, Riverside and True North formed IFS Group to acquire providers of non-discretionary industrial and field services to companies that are active in process industries including the utility, chemical, industrial, manufacturing and oil & gas sectors.
“The SET investment offers a complementary service offering and geographic footprint to our existing platform,” said Riverside Managing Partner Suzy Kriscunas. “The addition will continue to diversify IFS’s customer base and facilitate growth opportunities as both companies leverage combined resources.”
SET is the second acquisition under the IFS Group umbrella. The group’s first acquisition was the buy of Summit Environmental Services, a provider of outsourced industrial cleaning, excavation, and field services for Mid-Atlantic and Midwest-based customers in the power generation, utility, oil and gas, and general industrial markets. Summit Environmental Services is based southwest of Pittsburgh in Belmont, WV (www.summit-environmental.net).
“SET has demonstrated strong operational and financial performance and represents an attractive addition to the broader platform strategy,” said Riverside Partner Tim Gosline. “We’re excited to work with the management team to continue its track record of success and strong customer service.”
Working with Ms. Kriscunas and Mr. Gosline on this transaction for Riverside were Partner Ryan Richards and Associate Cord Walker. Riverside Partner Anne Hayes helped secure financing for the transaction.
The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 550 transactions and its portfolio includes more than 80 companies. The firm is headquartered in New York with 16 additional US and international offices (www.riversidecompany.com).
True North Equity invests in companies involved in cleaning, maintenance, repair, or other services in support of refineries, petrochemical and power plants, and oil and gas production. Target companies will have EBITDAs of $5 million to $20 million. The firm is based in the Detroit suburb of Birmingham (www.truenorthequity.com).
CIBC (Canadian Imperial Bank of Commerce) is IFC’s senior lender and it provided financing for this acquisition.
© 2018 Private Equity Professional | August 16, 2018