Sylvan Group, a provider of industrial contractor services and a portfolio company of Blue Point Capital Partners, has acquired Anchor Conveyor Products.
Family-owned Anchor Conveyor Products is a provider of conveyor systems and conveyor components including chain, trolleys, and pins; rollers, wheels and axels; and swivel hooks.
Anchor Conveyor was founded in 1925 and is headquartered near Detroit in Dearborn, Michigan.
Sylvan is an industrial contractor that provides pipe design, fabrication and installation; turbine installation and maintenance; electrical system installation; conveyor system design, build, and installation; and boiler and chiller erection and repair. Customers of Sylvan are active in the automotive, chemical, consumer packaged goods, food and beverage, energy, government, pharmaceutical and education.
Sylvan was founded in 1956 and today is headquartered near Detroit in Southfield, Michigan, with additional facilities in Arizona, New Jersey, Tennessee, Texas, and Canada.
“Over the years, the Sylvan team has deliberately advanced the platform toward its mission of providing a market-leading portfolio of comprehensive services to a diverse set of customers,” said Rob Metz, the CEO of Sylvan. “With the additional capabilities of Anchor, Sylvan’s conveyor group is a powerhouse providing a wide range of customized solutions as our platform continues to grow.”
Blue Point acquired Sylvan in March 2018 and has now closed two add-on acquisitions including the May 2021 buy of Great Lakes Mechanical, a Michigan-based provider of HVAC and sheet metal fabrication services. In addition to these add-ons, Blue Point has also completed multiple operational improvements at Sylvan and opened several new offices including the recent opening of an office in Phoenix.
“Growing Sylvan’s depth and breadth of capabilities through organic and M&A efforts has been a strategic focus since the start of our partnership,” said Jonathan Pressnell, a partner at Blue Point. “We have made investments in the platform from the beginning of our ownership, and we’re seeing the compounding effect of those efforts on the business’s growth. Blue Point continues to be enthusiastic about the opportunities ahead for Sylvan.”
Blue Point invests in companies that are active in the industrial, business services, consumer, and value-added distribution sectors and have from $30 million to $300 million in revenue and EBITDA greater than $7 million. The firm has offices in Cleveland, Charlotte, and Seattle.
© 2024 Private Equity Professional | June 18, 2024
