Angeles Equity Partners has acquired Solid Surface Care, a provider of commercial surfaces maintenance services.
Solid Surface Care’s services include deep cleaning, stain removal, disinfection, restoration, and maintenance for hard and soft materials including carpet, concrete, metal, stone, textiles, tile and grout, vinyl, and wood. On an annual basis, the company services more than 700 million square feet (25 square miles) of surfaces used in corporate, healthcare, retail, and education facilities.
Solid operates through a self-performing and recurring service model by directly employing its own technicians and service personnel—rather than subcontracting work to third-party providers—to deliver its cleaning and surface care services. This model enables centralized management for national clients through a unified contract and invoicing structure.
Solid operates 34 nationwide locations in Alabama, Arizona, California (4), Colorado, Florida (3), Georgia, Iowa, Illinois (2), Minnesota, North Carolina (2), New Jersey, Nevada, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina (3), Texas (4), Virginia (2), Wisconsin, and Washington. The company was founded in 1996 by CEO Michael Crippen and is headquartered in Charlotte, North Carolina.
“We’re thrilled to partner with Angeles Equity, whose operational expertise and success in scaling similar businesses makes them the ideal fit for Solid,” said Mr. Crippen. “This partnership will allow us to accelerate our growth, invest further in our people and technology, and continue to deliver the exceptional quality and consistency on which our clients rely.”
“We believe Solid has built a compelling national platform to support the maintenance and restoration needs of its diverse landscape of leading institutional and commercial customers,” said Adam Lerner, an operating partner at Angeles Operations Group, the in-house operating arm of Angeles Equity. “The company’s self-perform business model anchors its value proposition as a premier provider of surface care solutions and positions the business for continued future growth.”
Mr. Crippen and other members of Solid’s senior management team will continue to manage the business in partnership with Angeles Equity. As part of the transaction structure, employees of Solid have an opportunity to participate in the equity of the business.
“Solid has established itself as both a leading national provider of surface care solutions, as well as a consolidator of choice in its highly fragmented market,” said Frank Spelman, a managing director at Angeles Equity. “We are excited to partner with Michael Crippen and Solid’s leadership team to help drive its next phase of growth.”
Los Angeles-based Angeles Equity makes control investments in companies with enterprise values up to $200 million that have headquarters and primary operations in the United States and Canada. Sectors of interest include aerospace, automotive, building products, capital goods, chemicals, electronics, manufacturing, metals, transportation and logistics, packaging, and distribution. In August 2023, the firm held an above-target closing of its second fund, Angeles Equity Partners II LP, with more than $540 million of capital.
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