Benford’s Argus Monitoring Solutions has closed the add-on acquisitions of Seismic Surveys and Vibration Energy Services. These two companies are the third and fourth acquisitions by the Argus platform.
Argus was formed by Benford in November 2021 to acquire Sauls Seismic, an Alabama-based provider of seismic and environmental services associated with blasting and heavy construction in the mining, aggregates, pipeline and construction industries; and Nomis Seismographs, an Alabama-based manufacturer of seismic equipment.
Headquartered in Fort Lauderdale, Vibration Energy Services was founded in 1974 and provides seismic monitoring and pre- and post-blast survey services in the South Florida market.
Seismic Surveys provides geoscience consulting services to customers in the engineering, construction, mining, demolition and explosives industries. The company’s services include pre-construction surveys and monitoring for blasts, demolitions, transit, and bridges. Frederick, Maryland-based Seismic Surveys was founded in 2001 and is led by co-founders David Miller and Elena Miller.
“We are thrilled to partner with Argus Monitoring Solutions on Seismic Surveys’ next phase of growth,” said Mr. Miller. “We partnered with Argus due to its commitment to backing the existing Seismic Surveys team and culture, and the unique opportunity to pair Seismic Surveys with a growing platform focused on seismic and environmental monitoring services.”
“The acquisitions of Seismic Surveys and Vibration Energy Services are highly complementary to Sauls Seismic and Nomis Seismographs under the Argus platform,” said Cormac Kelly, the chief experience officer of Argus Monitoring, and a senior associate at Benford. “We are excited to supplement Argus’ diverse monitoring and inspection services offering and expand its footprint across the Mid-Atlantic, East Coast, and Sun Belt regions. We look forward to investing additional resources to help drive the companies’ organic growth in the years ahead.”
As a result of its four acquisitions, Birmingham, Alabama-headquartered Argus is now a specialized test and measurement services platform focused on the seismic and environmental monitoring and inspection sectors including vibration, noise, water, weather, air, and dust.
Benford invests in lower middle-market companies that have revenues from $5 million to $100 million and EBITDA from $1 million to $10 million. Sectors of general interest include niche manufacturers, unique service companies, and specialty distributors with a specific interest in industrial technology, consumer products, and food, B2B e-commerce, and agricultural products and services.
In May 2022, Benford held a first, final, above target, and hard cap closing of its second investment fund, Benford Capital Partners II LP (BCP II), with $200 million of limited partner commitments. Limited partners in BCP II include university endowments, family offices, pension funds, fund-of-funds, and high net worth individuals. Benford’s first fund, Benford Capital Partners Fund I LP, closed above target in September 2020 with $130 million of limited partner commitments.
Byline Sponsor Finance provided financing to back Argus’ acquisition of Seismic Surveys and Vibration Energy Services. Duane Morris was the legal advisor to Byline on this transaction.
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