Mid-State Industrial Maintenance, a portfolio company of CenterGate Capital, has acquired Mine Equipment & Design. This is the second add-on for Mid-State since being acquired by CenterGate in February 2019.
Mid-State provides industrial services to customers in the chemical processing, phosphate mining, power generation, and building products industries throughout the southeastern United States.
The company currently employs more than 500 engineers and shop personnel that are active in manufacturing, repairing, designing, dissembling and transporting equipment and machinery ranging from gearboxes and trommels to structural piping and storage tanks. Mid-State, led by CEO Jeff Clyne, was founded in 1973 and is headquartered in Lakeland, Florida.
Mine Equipment & Design (MED) is a provider of consumable parts; new and used equipment including crushers, dredge pumps, screening media, and conveyors; plant design services; and on-site repair, modification and maintenance services to the aggregate and mining industry. MED was founded in 2014 by President Bob Falk and is headquartered near Cincinnati in Cleves, Ohio.
“We are very excited to partner with Mid-State and believe that this combination will benefit our customers with a greatly expanded service offering,” said Mr. Falk. “We are excited about the prospects of growing the combined company.”
“The acquisition of MED expands our geographic coverage in the Midwest and enables us to offer MED’s capabilities in the Southeast region,” said Mr. Clyne. “We have worked with MED numerous times in the past and believe that their focus on quality and service will make this a successful acquisition. MED further positions us as a leader in diversified industrial solutions, and I’m excited to welcome Bob Falk and MED’s employees to Mid-State.”
In November 2020, Mid-State completed the add-on acquisition of AZZ SMS, a provider of boiler repair, maintenance, and overhaul services. The business – acquired from publicly traded AZZ – has approximately $35 million in annual revenue and operates a 26,155 square foot facility in St. Petersburg, Florida.
Austin, Texas-based CenterGate invests in lower middle-market companies that have from $20 million to $250 million of revenue and up to $20 million of EBITDA. Sectors of interest include business services, industrials, energy services, consumer, and healthcare. In December 2016, the firm held an above target and oversubscribed final closing of CenterGate Capital Partners I LP with $350 million of capital commitments.
© 2021 Private Equity Professional | January 27, 2021