Superior Industrial Maintenance Company (SIMCO), a portfolio company of Warren Equity since May 2018, has acquired Carolina Coatings Solutions and Industrial Services.
Carolina Coatings (CSS) is a provider of corrosion protection and surface cleaning services to the chemical, pulp and paper, power, and food and beverage industries throughout the Mid-Atlantic and Southeast. The company’s services include specialty coatings, abrasive blasting, pressure cleaning, water blasting, sponge blasting, crack injection, and concrete rehabilitation.
The company’s customers include, among others, Duke Energy, Du Pont, Celanese, Kellogg’s, Monsanto, International Paper, Nucor and Honeywell. CSS was founded in 1999 by President Ken McCraw and is headquartered near Raleigh in Morrisville, NC (www.carolinacoatingsolutions.com).
SIMCO provides application, inspection and maintenance services for industrial coating and linings; and lead and asbestos abatement. The company’s customers include power plants, chemical plants, commercial aviation facilities, military bases, food and beverage processing facilities, and water treatment facilities. SIMCO, led by CEO Hans Peterson, was founded in 1992 and has facilities in Concord, NC (headquarters) and Archdale, NC (www.gosuperior.net).
“We believe the addition of the Carolina Coatings team and service capabilities will greatly benefit the SIMCO platform,” said Scott Bruckmann, a partner at Warren Equity. “This acquisition is accretive to our goal of building SIMCO into a leading specialty industrial services provider throughout the Southeast.”
Warren Equity invests from $5 million to $40 million in North American-based companies that have from $3 million to $15 million of EBITDA and total enterprise value of less than $150 million. Sectors of interest include industrial, infrastructure, and business services. In January 2019, the firm closed its second fund at its $310 million hard cap. Warren Equity was founded in mid-2015 by Steven Wacaster, Scott Bruckmann, and Henrik Dahlback and is based in Jacksonville Beach, FL (www.warrenequity.com).
© 2019 Private Equity Professional | August 16, 2019