Canopy Buys Alloy Cladding

Canopy Capital Partners has acquired Alloy Cladding, a provider of specialized welding, repair and maintenance services.

Alloy Cladding’s services include submerged arc stainless steel digester overlay, carbon steel buildup, field service machining, piping system installations, component replacement, and pressure vessel alterations to companies operating in the pulp and paper, chemical and other heavy industrial industries. A digester is a huge vessel where chemical or biological reactions are carried out. The corrosive nature of these reactions require that the interior surfaces of the digesters are maintained to maximize corrosion resistance.

Alloy Cladding is led by President Robert Macdonald, his family acquired the company in 2003, and is headquartered in Jupiter, FL (www.alloycladding.com).

“We are excited to partner with Canopy and to leverage their deep experience in building growing, sustainable and successful companies,” said Mr. Macdonald. “This strategic investment in Alloy will allow us to best utilize our outstanding people and industry reputation as we seek to enhance our service offerings and further penetrate our addressable market.”

“Alloy’s track record of servicing their customers for more than 50 years is quite impressive and we are delighted to partner with Rob and George Macdonald and the entire Alloy team,” said Scott Long, managing partner of Canopy Capital. “This investment fits very well with our strategy of backing industry leaders in areas of the economy we feel are poised to succeed for the coming years.”

Canopy Capital invests in companies that have revenues from $5 million to $100 million and EBITDA from $2 million to $10 million. Sectors of interest include business services, transportation and logistics, niche manufacturing, and value-added distribution. The firm invests across the US but places an emphasis on the southeastern states particularly Florida. Canopy Capital was founded in 2015 and is headquartered in Tampa (www.canopycp.com).

© 2019 Private Equity Professional | May 29, 2019

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