Alleghany Capital has acquired a majority interest in Integrated Project Services (IPS), a provider of engineering services to pharmaceutical and biotechnology companies.
IPS provides engineering, construction management, commissioning and qualification services for capital projects undertaken by pharmaceutical and biotech research and manufacturing companies. IPS also has a growing consulting business that monitors and controls capital project costs and schedules in other industries. The company is headquartered in the Philadelphia suburb of Blue Bell, PA and has approximately 900 employees (www.ipsdb.com).
“As with Alleghany Capital’s other investments, current management will continue to lead the company and the day-to-day operations of IPS will not be impacted by the transaction,” said Udi Toledano, Chairman of Alleghany Capital. “However, we believe that with the backing of Alleghany Capital, the company’s growth will accelerate with the opening of new locations, expansion of the company’s “Subject Matter Experts” network, entrance into adjacent markets, and pursuit of select bolt-on acquisitions.”
Alleghany Capital invests in companies across a range of industries that have at least $15 million of EBITDA on behalf of its parent company, Alleghany Corporation (NYSE:Y). The firm’s current portfolio includes: Bourn & Koch, a manufacturer of machine tools; Jazwares, a licensed toy and consumer electronics company; ORX Exploration, a regional oil and gas exploration and production company; R.C. Tway Company, a manufacturer of trailers and truck bodies for the moving and storage industry; and Stranded Oil Resources, an oil exploration and production company. Alleghany Capital is led by Udi Toledano, Chairman, and David Van Geyzel, President and CEO. The firm is based in New York (www.alleghanycc.com).
DealSource Partners (www.dealsource.com) acted as financial advisor and Seyfarth Shaw (www.seyfarth.com) acted as legal counsel to Alleghany Capital. BCMS Capital Advisors (www.bcmscorp.com) acted as financial advisor and Ballard Spahr (www.ballardspahr.com) acted as legal counsel to IPS.
© 2015 PEPD • Private Equity’s Leading News Magazine • 11-13-15