In-Place Machining, a portfolio company of Platte River Equity since November 2016, has acquired Cutting Edge Services Corporation (CES).
CES is a provider of outsourced industrial services specializing in diamond wire sawing, drilling and removal services. The company provides its services both on land and undersea and serves the nuclear, hydro, locks and dams, heavy industrial, decommissioning, bridge construction and undersea pipes and platforms sectors.
CES also offers robotic demolition, hydraulic splitting, diamond blade sawing and super-abrasive steel cutting. The company is headquartered east of Cincinnati in Batavia, OH (www.cuttingedgeservices.com).
In-Place Machining (IPM) provides on-site machining and measurement services to customers in the power generation, metal production, infrastructure, marine and defense industries. The company’s services include field machining; diamond wire cutting; alignment and measurement; crankshaft repair and machining; line boring; cast iron repair; and on-site welding. IPM, led by CEO Dean Flint, has more than 100 employees and is headquartered in Milwaukee with an additional facility in Chesapeake, VA (www.inplace.com).
The acquisition of CES increases IPM’s exposure to hydroelectric and bridge-related work, while also diversifying end markets served by IPM through CES’ presence in the nuclear decommissioning and undersea industries.
Platte River makes equity investments of $20 million to $100 million in lower middle-market companies with enterprise values between $40 million and $250 million. The firm focuses on investing in the aerospace and transportation; energy and infrastructure; agriculture and chemicals; and metals and minerals. Platte River is based in Denver (www.platteriverequity.com).
© 2019 Private Equity Professional | January 4, 2019