OEP’s AMECO Acquires F&M MAFCO
Search

OEP’s AMECO Acquires F&M MAFCO

One Equity Partners acquired AMECO in May 2021 from publicly traded Fluor for $73 million

F&M MAFCO’s products include cranes and cranes parts, welding equipment, industrial gases, hoists and rigging, and other tools and supplies

SOURCE: F&M MAFCO

AMECO, a provider of construction and maintenance site services and a portfolio company of One Equity Partners, has acquired F&M MAFCO.

F&M MAFCO specializes in providing tool and equipment rental, sales and service programs to the construction and heavy industrial markets including in the power generation, manufacturing, petrochemical, chemical, bridges, marine, pulp and paper, and mining sectors.

F&M MAFCO’s products include cranes and cranes parts, welding equipment, industrial gases, hoists and rigging, and other tools and supplies. The company, led by CEO Tim Fries, is headquartered 20 miles northwest of Cincinnati in Harrison, Ohio.

“I am very excited about the growth potential that a combined AMECO and F&M MAFCO product and services offering can have on our businesses,” said Mr. Fries. “Both companies have great brand recognition and reputations in the marketplace. More importantly, we share common core values and company cultures, which will be a key ingredient in delivering exceptional service to clients and securing our future success.”

AMECO provides capital construction projects with both new and used equipment under long-term leases and short-term rental, maintenance support services, and other construction site services including scaffolding, fencing, water and ice distribution, janitorial services, fueling services, risk management, communications, and site clean-up.

Customers of AMECO include construction project owners, contractors, and plant operators in the chemical, power, energy, life sciences and manufacturing sectors across the United States and Canada. AMECO, led by CEO Gary Bernardez, was founded in 1947 and is headquartered in Greenville, South Carolina. One Equity Partners acquired AMECO in May 2021 from Fluor (NYSE: FLR) for $73 million.

“The transformational combination of these two great brands and teams creates a comprehensive Site Services® offering that is truly unprecedented in our industry,” said Mr. Bernardez. “Our combined strengths enable us to expand the boundaries in providing innovative site solutions to our clients on capital construction, facility operations and maintenance projects across a greater geographical reach. This is a game-changer.”

One Equity Partners (OEP) is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. Typical equity investments range from $30 million to $300 million. The firm spun out of JP Morgan in 2015 and has closed more than 300 transactions worldwide since its founding in 2001. OEP has offices in New York, Chicago, Frankfurt.

In April 2022, OEP closed its latest fund, One Equity Partners VIII LP, with committed capital of $2.75 billion. OEP’s new fund was oversubscribed and closed above its increased hard cap.

© 2022 Private Equity Professional | May 12, 2022

To search in site, type your keyword and hit enter