Allied Industrial Partners (AIP) has formed CES Power to carve out CAT Entertainment Services from Ring Power Corporation.
CES Power is a provider of power services for the broadcasting, entertainment, emergency response and industrial sectors. The company’s services and equipment includes power generation and distribution; chillers, air conditioners and electric heaters; lighting and screens; ramps and matting; and EPA-emission certified green equipment.
Recent CES projects include the 2021 NFL Draft and the 2021 NCAA Final Four tournament, as well as multiple stadium touring acts and the largest music festivals in the world. Memphis-headquartered CES was founded in 2000 as a division of Ring Power and is today led by co-founder and CEO Greg Landa.
“We are thrilled to be partnering with AIP as we take this next step,” said Mr. Landa. “As a standalone company, we will have greater opportunities to accelerate our growth and greatly enhance the user experience for our customers and our team.”
“CES represents a compelling opportunity to invest in the market leader of distributed power services in the entertainment space, and the timing could not be better as demand for live events and complex mobile power needs increases,” said Bradford Rossi, a co-founder and managing partner at AIP. “We were attracted by the company’s team-oriented culture, track record, and reputation for high-quality service, and look forward to working closely with Greg and the talented employee base as we pursue next-level growth.”
“We were very impressed with the company’s ability to weather the pandemic and are excited about the opportunities for future organic expansion and add-on acquisitions,” said Philip Wright, a co-founder and managing partner at AIP. “The CES team’s technical capabilities and versatility are unparalleled in the industry and provide numerous growth opportunities.”
St. Augustine, Florida-based Ring Power, the seller of CES, is one of the largest US Caterpillar dealers with eight operating divisions. Ring Power will retain a minority stake in CES in partnership with AIP.
“We are incredibly proud and thankful for all of the hard work from the CES Power team over the years and are excited for this next chapter,” said David Alban, the president of Ring Power. “We believe AIP is the right partner to help CES reach its full potential and have been impressed with the transformational work that has taken place within the first month of our partnership together.”
Allied Industrial Partners invests in lower and middle-market companies that have EBITDA from $2 million to $25 million. Sectors of interest include industrial rentals, manufacturing, distribution, environmental services and infrastructure sectors. AIP was founded by Mr. Rossi and Mr. Wright in 2019 and is headquartered in Houston.
Eaton Partners, a Stifel business, was the financial advisor and placement agent to AIP on a capital raise to support the acquisition of CES Power.
Prior to the buy of CES, in November 2020, AIP formed Dovetail Infrastructure Services to carve out Aqua Pipeline, a large-scale water pipeline located in northeast Pennsylvania, from Philadelphia-based Essential Utilities.
© 2021 Private Equity Professional | July 23, 2021
Sun Capital Partners has acquired Environmental Infrastructure Solutions (EIS), a provider of environmental abatement services, from O2 Investment Partners.
“We are extremely pleased at the progress that EIS has made since we invested in 2018 and are confident that Sun Capital will bring the expertise and additional resources required to support the company’s impressive growth and delivery of world-class solutions,” said Luke Plumpton, a partner at O2.
“We see a great opportunity to help EIS accelerate its growth, given the increasing demands of the regulatory environment and the historical underinvestment in infrastructure in the US,” said Jared Wien, a managing director at Sun Capital. “With more and more focus being applied to public health and safety, EIS is attractively positioned in the most important areas of a large and rapidly growing market, and we are eager to help them realize their full potential.”
Uber Freight has agreed to acquire Transplace, a provider of non-asset-based third-party logistics services, from TPG Capital for $2.25 billion. The purchase price includes up to $750 million in common stock of Uber Freight’s parent, Uber Technologies (NYSE: UBER) and the remainder in cash.
“The acquisition will combine the world’s premier shipper network platform with one of the industry’s most innovative supply platforms, to the benefit of all stakeholders,” said Mr. McGuigan. “Our expectation is that shippers will see greater efficiency and transparency and carriers will benefit from the scale to drive improved operating ratios. All in all, we expect to significantly reduce shipper and carrier empty miles to the benefit of highway and road infrastructures and the environment.”
San Francisco-headquartered Uber Freight was founded in 2017 and has over 70,000 carriers in its network and thousands of shippers as customers, from small businesses to Fortune 500 companies, including AB Inbev, Nestle, LG, and Land O’Lakes.
“This is a significant step forward, not just for Uber Freight but for the entire logistics ecosystem,” said Lior Ron, the head of Uber Freight. “This is an opportunity to bring together complementary best-in-class technology solutions and operational excellence from two premier companies to create an industry-first shipper-to-carrier platform that will transform shippers’ entire supply chains, delivering operational resilience and reducing costs at a time when it matters most.”
“Our partnership with Transplace is a strong example of TPG Capital’s strategy to identify industry-leading tech-enabled services companies and invest behind them to drive sustained growth,” said Jack Daly, a partner at TPG Capital. “In a category that continues to benefit from several secular tailwinds, Frank and his experienced team have positioned the company as an innovative leader that is empowering customers of all sizes to improve and optimize their supply chains.”
Bestop, a portfolio company of Kinderhook Industries, has closed its ninth add-on acquisition with the buy of Aluminess Products.
“At Bestop, we are always looking for ways to help our customers enjoy their driving adventures,” said Mr. Larson. “From lightweight, aluminum bumpers to over-landing gear and tire racks, Aluminess makes industry-leading products that help consumers explore new and exciting places. We are excited to welcome them to our growing family.”
“We are excited to pair Bestop’s world-class R&D team and new digital marketplace with another premium brand. We believe this partnership will allow Aluminess to roll out innovative products to their existing customer base while also receiving the benefit of a broader distribution base,” said Tom Tuttle, a managing director at Kinderhook.
Earlier add-ons completed by Kinderhook for Bestop were the buys of Softopper, a Colorado-based manufacturer and distributor of convertible soft tops for light-duty pickup trucks and SUV’s (June 2019); Bull Accessories, a Texas-based maker of tie-down anchors and ratchet straps for light-duty pickup trucks (February 2019); Kamm Industries (DBA PRP Seats), a California-based maker of custom seats, harnesses, storage bags, and accessories for off-road vehicles (February 2018); Tuffy Security Products, a Colorado-based maker of storage products – steel consoles, drawers, glove boxes, and trunks – that are used in Jeeps, trucks, and SUVs (August 2016); Baja Designs, a California-based provider of off-road lighting products sold to the automotive aftermarket (June 2016); and Morris Motor Company, a Florida-based online retailer of automobile parts and accessories to Jeep and 4×4 enthusiasts (January 2016).
New York City-based