Olympus Does Heavy Lifting with Buy of MEI Rigging & Crating
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Olympus Does Heavy Lifting with Buy of MEI Rigging & Crating

Monroe Capital was the joint lead arranger on a senior credit facility to support the acquisition of MEI by Olympus

MEI is a provider of industrial services including rigging and machinery moving, millwrighting and mechanical installation, industrial storage, and equipment crating and export packing.

SOURCE: MEI Rigging & Crating

Olympus Partners has acquired MEI Rigging & Crating from Dorilton Capital.

MEI is a provider of industrial services including rigging and machinery moving, millwrighting and mechanical installation, industrial storage, and equipment crating and export packing. MEI’s customers are active in a range of industrial verticals including datacenters, semiconductors, and electric vehicles. MEI moves all types of heavy and intricate machinery for its customers including one-off moves to entire plant relocations.

Source: MEI Rigging & Crating

MEI, led by CEO Dan Cappello, is headquartered near Salem in Albany, Oregon, and operates a network of 12 regional offices across the United States.

“I am confident that Olympus is the right financial partner to facilitate MEI’s next phase of growth,” said Mr. Cappello. “Our best-in-class team has made great progress in building a national platform for our services, but we’ve only scratched the surface of the potential growth opportunities that lie ahead for MEI.”

Source: MEI Rigging & Crating

Dorilton acquired MEI in 2019 and during its ownership term added on to the platform with the buys of California-based Dunkel Bros Machinery Moving (2019); Nevada-based Reno Custom Crating (2021); Virginia-based A&A Transfer (2022); and Massachusetts-based Harnum Industries (2022).

“MEI has built a national platform in a niche industrial services space that has been highly fragmented to date,” said Dave Cardenas, a managing partner at Olympus. “This scale uniquely positions MEI to take advantage of several long-term industry tailwinds.”

Olympus invests in a range of industries but has a specific interest in business services, consumer products, healthcare services, financial services, industrial services, and manufacturing. The firm was founded in 1988 and is based in Stamford, Connecticut.

“We could not be more excited to partner with Dan and the rest of the MEI team,” said Sam Greenberg, a principal at Olympus. “The thing that stood out to us most during the process was the quality of the people throughout the organization. We look forward to supporting the team on their mission to provide the safest and most reliable rigging, crating, and storage services nationally.”

In addition to Messrs. Cardenas and Greenberg, the Olympus transaction team also included Vice President George Swenson and Vice President Marty Durkin.

Monroe Capital (NASDAQ: MRCC) was the joint lead arranger on a senior credit facility to support the acquisition of MEI by Olympus. Monroe provides senior and junior debt financing to middle-market businesses, special situation borrowers, and both private equity and independent sponsors. Investment types include direct lending, asset-based lending, specialty finance, opportunistic and structured credit, and equity co-investments. The firm, founded in 2004, is headquartered in Chicago with 10 offices throughout the United States and Asia.

Dorilton Capital, the seller of MEI, makes control investments in middle market companies that have from $4 million to $30 million of EBITDA. Sectors of interest include business services, industrial services, healthcare services, commercial services. The firm was founded in 2009 and is headquartered in New York City.

Lazard Freres was the financial advisor to Dorilton Capital on this transaction.

© 2023 Private Equity Professional | August 10, 2023

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