Audax Private Equity has completed the sale of RESA Power, a provider of maintenance, repair and related services and products that are used to extend the life of electrical distribution and control equipment, to Blue Sea Capital.
RESA Power specializes in servicing major power distribution and control markets, and stocking obsolete and hard-to-find inventory. The company has eight distribution facilities and nine service centers across the US and employs field sales engineers in twelve states serving every major US metropolitan area and Canada. RESA Power, led by CEO Brian McSharry, was founded in 2003 and is headquartered in Houston with approximately 250 employees (www.resapower.com).
During Audax’s term of ownership, RESA completed nine add-on acquisitions which expanded the company’s footprint across the United States and into Canada, and added complementary product and service offerings.
“We congratulate Brian McSharry and his team on an excellent job transforming the company through add-on acquisitions and organic growth,” said Geoffrey Rehnert, Audax’s Co-Chief Executive Officer. “We wish Brian and the RESA management team continued success with their new partner.”
Blue Sea Capital invests in companies that have up to $30 million of EBITDA and enterprise values of no more than $200 million. Sectors of interest include aerospace & defense, healthcare and industrial growth. Blue Sea is headquartered in West Palm Beach, FL (www.blueseacapital.com).
“We are delighted to partner with Blue Sea Capital for this next phase of our strategy to become the national service provider of choice within our chosen market sectors,” said Mr. McSharry. “The team at Blue Sea Capital shares our strategic vision of geographic expansion organically and via acquisition. Sincere thanks to Audax for their support over the years and their pivotal role in the company’s growth and success.”
Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).
Barings and MetLife provided financing to back the buy of RESA Power by Blue Sea. Lincoln International was the financial advisor to RESA Power.
© 2017 Private Equity Professional | November 13, 2017