Integrated Facility Solutions (IFS), a portfolio company of Warren Equity, has acquired Multigas Detection. The buy of Multigas was made through Concept Controls, a subsidiary of IFS.
Multigas distributes, services, calibrates, and maintains fixed gas detection systems and fire protection equipment – including products from Honeywell, Armstrong, and Opera – used by governments, manufacturers, energy companies and commercial buildings.
Fixed gas detectors are generally installed in large facilities and are designed to sense combustible, flammable and toxic gases, and oxygen depletion. All fixed gas sensors are microprocessor-based and use a variety of gas detection technologies including laser, catalytic combustion, electrochemical, infrared light, and ultrasonic sound.
Gas detection systems, which need to be recalibrated up to four times a year, are used in arenas, automotive dealerships, chemical storage facilities, swimming pools, oil and gas facilities, parking garages, and warehouses. Multigas was founded in 1987 and is based near Edmonton in Acheson, Alberta.
Integrated Facility Solutions was formed by Warren in November 2010 to consolidate the facility services sector with a specific focus on safety, productivity, and the environment. IFS’s first acquisition was closed the same month with the buy of Alberta-based Concept Controls which distributes, services, and rents industrial safety equipment including gas detection, environmental monitoring, and industrial hygiene equipment. IFS, led by CEO Carl Johnson and CFO Dan Rayburn, is headquartered near Houston in Sugar Land, Texas.
The buy of Multigas is part of IFS’s active strategy to grow the fixed gas detection business of Concept Controls.
“We are excited to partner with the Multigas team. Their technical expertise and focus on best-in-class customer service align well with the core values at Concept Controls,” said Mike Stephens, the president of Concept Controls. “This partnership addresses a key piece of our growth strategy by expanding our portfolio and core service capabilities, which will allow us to better serve our customers and position us for continued growth and market share expansion.”
Warren Equity invests from $25 million to $100 million in North American-based companies that have from $5 million to $30 million of EBITDA. Sectors of interest include industrial services, industrial products, business services, and distribution. The firm was founded in mid-2015 by Steven Wacaster, Scott Bruckmann, and Henrik Dahlback and is headquartered in Jacksonville Beach, Florida.
In May 2021, Warren closed its third fund, Warren Equity Partners Fund III LP, with $673 million of capital. The new fund, and its sidecar fund, were oversubscribed, above target, and closed at its hard cap after just two months of fundraising.
© 2021 Private Equity Professional | July 22, 2021