GenServe, a portfolio company of GenNx360 Capital Partners since April 2018, has acquired Electro-Motion.
GenServe is the largest independent provider of scheduled and emergency power generator maintenance, repair and sales to commercial and municipal customers in the Northeast, Midwest, Southeast, and Southwest regions of the United States.
GenServe, led by CEO Fred Smagorinsky, was founded in 1990 and is headquartered on Long Island in Plainview, New York, with 14 additional offices in Florida (5), Texas (4), New Jersey (2), New York, Pennsylvania and Illinois.
Electro-Motion provides commercial maintenance and repair services for generators and backup power systems and is the largest independent service provider of its type in Northern California. The company was founded in 1967 and is headquartered near San Fransisco in Fremont, California.
Salt Creek Capital acquired Electro-Motion in 2011 and recapitalized the business in 2020 when CEO David McAnelly joined the company.
“Salt Creek has been a proud partner in Electro-Motion’s remarkable journey since acquiring the company in 2011,” said Dan Phelps, a managing partner at Salt Creek. “Electro-Motion’s growth and achievements are a testament to the dedication of its team and the successful execution of our collaborative strategy under David McAnelly’s leadership.”
“It has been a privilege leading the company over the last four years,” said Mr. McAnelly. “I am grateful for the partnership and support from Salt Creek Capital as we undertook software and system upgrades, substantially increased the number of generators under maintenance agreements, expanded the range of services offered, and improved technician training, certification and safety standards. I look forward to the future success of the business and know that much more can be accomplished in the years ahead. The Electro-Motion team and I are excited to be working with the GenServe organization and the added capabilities and resources that this combination provides.”
“We are excited for GenServe to move into another highly desirable region on its path to becoming the leading nationwide independent backup power systems service provider,” said Daphne Dufresne, a managing partner at GenNx360.
GenNx360 invests from $25 million to $100 million in North America-based companies that have revenues from $50 million to $500 million and EBITDA from $5 million to $35 million. Sectors of interest include business-to-business services and manufacturing. Since its founding in 2006, New York City-headquartered GenNx360 has acquired 28 platforms and 74 add-on acquisitions.
Salt Creek invests in North American-headquartered companies that have revenues up to $100 million and EBITDA from $750 thousand to $20 million. Sectors of interest include manufacturing, logistics, value-added distribution, B2B and B2C services, food and beverage, healthcare, retail, and hospitality. The firm is headquartered near Menlo Park in Woodside, California.
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