Pfingsten Sells Unified Power to Incline

Pfingsten has sold Unified Power to Incline Equity Partners. The Unified Power brand began in January 2011 when Pfingsten purchased On Computer Services, a provider of critical power services.

Unified Power is a provider of preventative, remedial and emergency maintenance services, equipment and parts to the uninterruptible power supplies (UPS) industry.

The company operates two business lines: the services division includes full service and preventative maintenance contracts, time and material services, load bank testing and thermographic services; and the equipment division provides equipment recycling and refurbishment, parts sales and rental power equipment. Unified Power is led by CEO Chris Roach and is based east of Dallas in Terrell, TX (www.unifiedpowerusa.com).

“Pfingsten invested heavily into our business infrastructure early in the ownership period,” said Mr. Roach. “Pfingsten’s focus on systems and technology allowed us to scale our national services platform and quickly integrate strategic add-on acquisitions.”

Unified Power completed eight add-on acquisitions during Pfingsten’s ownership as follows: Power Protection Unlimited (Rosedale, MD); United Power Service Company (Glenmont, OH); Power Protection Services (Mesquite, TX); the UPS division of LionHeart Power Systems (Huntley, IL); 24/7 Technology (Marietta, GA); Critical Power USA (Frederick, MD); Sun Sales Company (Albuquerque, NM); and SEPS (Burr Ridge, IL).

“Our strategy was to create the largest, brand agnostic platform in the UPS market by acquiring regional service companies,” said Phillip Bronsteatter, a principal at Pfingsten. “Through organic growth and strategic add-on acquisitions, Unified Power is now the industry leader in the independent UPS market.”

“Unified Power is well positioned to continue pursuing acquisitions, and we are excited to work with Incline to accelerate the company’s growth through an enhanced marketing and sales program, an expanded national accounts effort and the addition of new service offerings,” added Mr. Roach.

“Unified exhibits many of the attractive characteristics that we look for when investing in a company,” said John Morley, a managing director with Incline.  “In addition to providing a critical, non-deferrable recurring service to customers, the company is a proven platform for acquisitions and is led by an outstanding management team that has a strong cultural fit with Incline.”

Incline Equity Partners, headquartered in Pittsburgh, Pennsylvania, specializes in making investments in lower middle-market growth companies.  Incline partners with established companies that have opportunities for growth and an enterprise value of $25 million to $300 million.  Incline focuses on the industry sectors of value-added distribution, specialized light manufacturing and business services.  Learn more about Incline Equity at www.inclineequity.com.

Incline Equity Partners invests in lower middle-market growth companies that have enterprise values of $25 million to $300 million. Sectors of interest include value-added distribution, specialized light manufacturing, and business services. Incline was formed in 2011 and is based in Pittsburgh (www.inclineequity.com).

Incline currently has a related investment in the aftermarket battery sector. In December 2017 the firm acquired Dallas-headquartered Continental Batteries, a distributor of aftermarket batteries to the automotive, commercial, golf, marine and industrial markets. To date, Incline has completed five add-on acquisitions for Continental (www.continentalbattery.com).

Pfingsten invests in middle-market manufacturing, distribution and business services companies that have transaction values ranging from $15 million to $100 million, revenues from $20 million to $150 million, and EBITDA between $3 million and $12 million. Since completing its first investment in 1991, Pfingsten has acquired 136 such companies through five funds with total commitments of $1.3 billion. The firm is based in Chicago with representative offices in India and China (www.pfingsten.com).

“The Unified Power team did an outstanding job executing the strategy and building a highly sustainable business,” said Jim Norton, a senior managing director at Pfingsten. “We wish Chris and his team success as they continue to expand this exceptional services platform.”

KeyBanc Capital Markets was the financial advisor to Unified Power.

© 2019 Private Equity Professional | June 4, 2019

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