GPRS, a portfolio company of CIVC Partners since November 2017, has completed the acquisition of Master Locators, a provider of utility locating services.
GPRS (Ground Penetrating Radar Systems) provides private utility locating and concrete scanning services to utilities, contractors, engineering firms and environmental consultants in every major market in the United States. The company’s services are used to identify and map the presence of subsurface structures using ground-penetrating radar and other locating techniques. GPRS was founded in 2001 and is headquartered in Toledo, OH (www.gp-radar.com).
Like GPRS, Master Locators is a provider of utility locating services to customers in Pennsylvania, New Jersey, Maryland, and Delaware. The company was founded in 2003 and is headquartered near Philadelphia in Glen Mills, PA (www.masterlocators.com).
“Master Locators represents a highly complementary acquisition for GPRS that enhances our market position in several rapidly growing regions,” said Matt Aston, president of GPRS.
The buy of Master Locators is the fourth acquisition under CIVC’s ownership. The other three add-ons were Encompass Inspections (2018); Structural Radar Imaging (2018), and National GPR Service (2018).
CIVC invests from $15 million to $80 million in US or Canadian-based companies that have EBITDA from $4 million to $20 million. Sectors of interest include utility and infrastructure services; facility services; transportation and logistics; outsourced business services; environmental services; IT services; healthcare services; software and technology-enabled services; and financial services. The firm is currently investing from its fifth fund, CIVC Partners Fund V LP, which closed at its hard cap of $400 million in May 2017. CIVC was founded in 1989 and is headquartered in Chicago (www.civc.com).
© 2019 Private Equity Professional | August 13, 2019