Warren Equity Partners has acquired a majority interest in IPC Lydon (“IPCL”) from Jay Cashman Inc., a provider of civil and marine contracting services. The acquisition of IPCL is Warren Equity Partners’ third investment of 2016.
IPCL is a provider of maintenance, repair and upgrade services for mechanical systems and process equipment used in airports, distribution centers, power plants, co-generation plants, and wastewater treatment facilities. The management team at IPCL, led by John Burke and Jim Lydon, has expertise in large-scale baggage handling system maintenance and installation, turbine maintenance, CHP (combined heat and power) plant design and installation, and power plant outage services. IPCL is based south of Boston in Avon, MA (www.ipclydon.com).
“We are tremendously excited to partner with an exceptional management team led by John and Jim, as well as Jay Cashman,” said Scott Bruckmann, Principal at Warren Equity. “IPCL fits directly into our thesis of investing in businesses that provide critical, recurring services to the industrial and infrastructure sectors. We think the Company has a long runway for growth, and we look forward to expanding the platform with management.”
Warren Equity Partners makes control and non-control investments of $5 million to $40 million in North American-based small and middle market companies that are active in the infrastructure, industrial, and building sectors. The firm was founded by Steven Wacaster, a former partner at Pegasus Capital Advisors, and Henrik Dahlback, a former investment banker at Royal Bank of Canada. The firm is headquartered in Jacksonville Beach, FL (www.warrenequity.com).
Jay Cashman Inc. provides heavy civil and marine contracting services including construction, dredging, and windpower. The company is based south of Boston in Quincy, MA (www.jaycashman.com). Jay Cashman, the Chairman and owner of the company will retain a significant equity interest in the company in partnership with Warren Equity Partners.
“We chose to partner with Warren Equity due to their understanding of the industrial services sector and excitement about scaling the business,” said Mr. Cashman. “We look forward to capitalizing on their expertise and capabilities as we enter this next phase of growth and continue to expand our footprint.”
© 2016 Private Equity Professional • 10-25-16
