infrastructure repair
Search

Private Equity Professional

Private Equity's News Leader

There is a right and a wrong in the universe, and that distinction is not hard to make.
Superman

You are here: Home / Archives for infrastructure repair

infrastructure repair

Wind Point Adds to ClockSpring|NRI

by

ClockSpring|NRI, a portfolio company of Wind Point Partners, has acquired Milliken Infrastructure Solutions from Milliken & Company.

Milliken Infrastructure manufactures repair and rehabilitation products that are used to maintain, rehabilitate, and construct infrastructure. The company’s products include concrete-impregnated fabric, geopolymer mortars, fiberglass and resin pipe wraps, and epoxy impregnated wraps used to strengthen structural parts of commercial buildings and facilities.

In January 2019, Wind Point formed ClockSpring|NRI through the acquisitions of Houston, TX-based Clock Spring Company, a portfolio company of Spindrift Equities, and Riviera Beach, FL-based Neptune Research (NRI), a portfolio company of Palm Beach Capital. Both Clock Spring and NRI are manufacturers of composite materials, insertion valves, and gaskets that are used to maintain, rehabilitate, and construct pipelines, natural gas distribution lines, industrial pipe works, electrical grids, and civil structures. ClockSpring|NRI is led by CEO Matthew Boucher and is headquartered in Houston (www.cs-nri.com) (www.clockspring.com) and (www.neptuneresearch.com).

The buy of Milliken Infrastructure is ClockSpring|NRI’s first add-on acquisition under Wind Point ownership. “This transaction enhances the breadth of ClockSpring|NRI’s comprehensive portfolio and highlights the capabilities we bring to help portfolio companies scale. In cooperation with management, Wind Point will seek to continue growing the platform through a combination of organic growth and accretive acquisitions,” said Alex Washington, a managing director at Wind Point.

Wind Point invests from $50 million to $100 million in companies with EBITDAs of at least $10 million. Industries of interest include business services, consumer products and industrial products. In June 2017, Wind Point held a final closing of its eighth fund, Wind Point Partners VIII LP, with $985 million of capital commitments. The fund exceeded its initial hard cap of $750 million and is the largest fund closing in Wind Point’s history. The firm was founded in 1984 and is based in Chicago (www.wppartners.com).

Milliken & Company is a diversified industrial manufacturer with interests in specialty chemicals, floor coverings, performance and protective textile materials, and healthcare. The company, owned by the Milliken family, was founded in 1865 and is based in Spartanburg, SC with manufacturing facilities worldwide (www.milliken.com).

Antares, Hartford Investment Management Company, Solar Capital, Northwestern Mutual Capital and Nuveen Private Markets provided debt financing to support this add-on acquisition.

© 2019 Private Equity Professional | June 26, 2019

Wind Point Buys Clock Spring and NRI

by

Wind Point Partners has entered into agreements to acquire and merge Clock Spring Company, a portfolio company of Spindrift Equities, and Neptune Research, a portfolio company of Palm Beach Capital.

Clock Spring and Neptune Research (NRI) are providers of infrastructure repair and rehabilitation products. When the transactions are completed, the combined company will be named ClockSpring|NRI.

Houston, TX-based Clock Spring and Riviera Beach, FL-based NRI are both manufacturers of composite materials, insertion valves, and gaskets that are used to maintain, rehabilitate, and construct pipelines, natural gas distribution lines, industrial pipe works, electrical grids, and civil structures.

The companies’ pipe repair systems and inline insertion valves are in use in more than 75 countries and include the brands Clock Spring, Syntho-Glass XT, Scar-Guard, Contour, DiamondWrap, and AVT EZ Valve (www.cs-nri.com) (www.clockspring.com) and (www.neptuneresearch.com).

“We spent significant time canvassing the critical infrastructure repair industry for a quality business to establish a platform investment,” said Alex Washington, a managing director at Wind Point. “With Clock Spring and NRI, we happened to find two quality and complementary organizations that are a strong fit with our strategy. We are excited for the opportunity to partner with the two companies and look forward to supporting them via new products and capabilities, as well as through add-on acquisitions.”

Palm Beach Capital acquired NRI in May 2017 and will not hold an equity position in the newly formed ClockSpring|NRI, while former Clock Spring lead sponsor, Spindrift Equities, will continue as an investor in the new company. Clock Spring CEO Matthew Boucher will lead the combined company, while Christopher Lazzara, NRI’s long-time CEO will retain an equity position and join the new company’s board of directors.

Antares, Hartford Investment Management Company, Solar Capital, Northwestern Mutual Capital, and Nuveen Private Markets have committed debt financing to support this transaction.

Wind Point invests from $50 million to $100 million in companies with EBITDAs of at least $10 million. Industries of interest include business services, consumer products and industrial products. In June 2017, Wind Point held a final closing of its eighth fund, Wind Point Partners VIII LP, with $985 million of capital commitments. The fund exceeded its initial hard cap of $750 million and marks the largest fund closing in Wind Point’s history. The firm was founded in 1984 and is based in Chicago (www.wppartners.com).

© 2019 Private Equity Professional | January 24, 2019

Palm Beach Invests in Neptune Research

by

Palm Beach Capital has made an investment in Neptune Research and its sister company FloTex, providers of infrastructure repair and restoration services.

Neptune Research and FloTex (together NRI) provide materials that are used to repair, protect and reinforce pipes, pipelines and other civil infrastructures. The company’s products are made with moisture-curable and epoxy based carbon fiber, fiberglass, Kevlar and other aramid (a class of synthetic polymers) composite materials. NRI’s customer base includes companies in a variety of industries, including construction, industrial, marine, military, mining, municipalities, offshore, oil & gas, and petrochemical. NRI was founded in 1982 and is headquartered near Palm Beach in Riviera Beach, FL (www.neptuneresearch.com).

“This was an amazing opportunity for NRI to catapult to the next level and we couldn’t have picked a better partner than Palm Beach Capital. They have the knowledge and team to help us continue to revolutionize the composite infrastructure business,” said Chris Lazzara, NRI’s Chairman, President and Chief Executive Officer.

NRI originally developed its pipe repair systems for application within the marine industry. The company’s products caught the attention of the US Navy and in 1996 the company secured its first contract with the US government requiring NRI’s Syntho-Glass system to be carried aboard all Navy vessels. Since that time, the company has doubled every three years in size and revenues as the demand for its products continues to grow. To support this demand, NRI has introduced an average of one new product per year over the last four years, with each product focusing on the company’s participation in the evolution of leak repair and pipe reinforcement.

“We are excited to partner with Chris and the rest of the NRI team and to provide the support necessary for the company to realize the full, global potential of NRI’s revolutionary solutions and service offering,” said Michael Chalhub, a Partner at Palm Beach Capital. “NRI represents a unique opportunity for us to invest at an inflection point where such innovative solutions are so well-timed within the energy, infrastructure and composite industry.”

Palm Beach Capital makes control and non-control investments of $5 million to $50 million in companies with enterprise values from $20 million to $200 million and that have at least $20 million of revenue and a minimum EBITDA of $5 million. Sectors of interest include business services, business process outsourcing, transportation and logistics, and healthcare. Since founding in 2001, Palm Beach Capital has made investments in 42 companies and has approximately $325 million in total assets under management. The firm has offices in West Palm Beach and Tampa (www.pbcap.com).

The investment in NRI was made by Palm Beach Capital through its fourth investment fund, Palm Beach Capital Fund IV, LP.

© 2017 Private Equity Professional | May 17, 2017

To search in site, type your keyword and hit enter