The Anderson Group has acquired Fosbel, a provider of industrial furnace maintenance services, from Ares Capital. Fosbel was acquired by American Capital Strategies (ACS) in July 2005 and ACS was acquired by Ares Capital in December 2016.
Fosbel is a global service provider specializing in refractory furnace inspection, maintenance, repair and reconstruction with a focus on industrial ovens used in the steel and glass industries.
The company’s services, which can be provided while an oven is in use thereby reducing downtime, include ceramic welding, gunning, furnace rebricking, rebuilding, in situ inspections, condition monitoring, and consulting. Fosbel, founded in 1981, has approximately 500 employees and is headquartered near Cleveland in Brook Park, OH with additional offices in Brazil, Germany, India, Japan, Russia and South Africa (www.fosbel.com).
“Fosbel is the worldwide technology leader in ceramic repairs for the steel and glass industries,” said Eric Yaszemski, chief executive officer of Fosbel. “The partnership between The Anderson Group and Fosbel management will provide a more focused approach with a stronger balance sheet to accelerate strategic growth plans. We are excited about a new beginning with ownership that understands the rigorous demands of our customers’ safety, service and material supply requirements.”
“We are thrilled to be partnering with a management team that has demonstrated an unwavering commitment to quality, service and innovation,” said Cory Gaffney, a partner at The Anderson Group. “This team of professionals has earned the trust of customers to maintain what is among their most expensive and important capital investments.”
The Anderson Group is an operationally focused, industry agnostic, private equity firm investing its principal’s committed capital in companies with revenues from $10 million to $100 million and EBITDA of $1 million to $8 million. The firm was founded in 1985 and is headquartered in St. Petersburg, FL (www.andersongroup.biz).
© 2019 Private Equity Professional | April 18, 2019