CenterGate Capital has acquired Mid-State Industrial Maintenance, a provider of on-site and off-site industrial maintenance and repair services.
Mid-State provides its industrial services to customers in the chemical processing, phosphate mining, power generation, and building products industries throughout the southeastern United States. The company currently employs more than 500 engineers and shop personnel that are active in manufacturing, repairing, designing, dissembling and transporting equipment and machinery ranging from gearboxes and trommels to structural piping and storage tanks.
Mid-State, led by CEO Jeff Clyne, was founded in 1973 and is headquartered in Lakeland, FL (www.midstateindustrialcorp.com).
“We are excited about our partnership with CenterGate and what it means for our employees and customers,” said Mr. Clyne. “CenterGate’s investment will provide us the capital and strategic resources to continue to grow our capability set and geographic reach.”
“The management team of Mid-State has an impressive track record of success, and we look forward to working with the team to continue that growth,” said Tim Liu, a managing director at CenterGate. “The company has a reputation for the highest levels of safety, service, and quality, which uniquely positions the company to be successful.”
CenterGate Capital invests in lower middle market companies that have from $20 million to $250 million of revenue and up to $20 million of EBITDA. Sectors of interest include business services, industrials, energy services, consumer, and healthcare. In December 2016, the firm held an above target and oversubscribed final closing of CenterGate Capital Partners I LP with $350 million of capital commitments. CenterGate is headquartered in Austin, TX (www.centergatecapital.com).
© 2019 Private Equity Professional | February 12, 2019