Trive Capital has acquired Oscar W. Larson Company, a provider of mechanical, electrical, and HVAC contracting services to the petroleum and fluid handling sectors.
Oscar Larson’s contracting services include design, construction, excavation, remodeling, and installation of equipment for companies active in the automotive, airline, marine, restaurant, convenience store, and service industries. The company also provides petroleum and fluid handling equipment as well as installation, testing, inspection, maintenance and repair services.
Oscar Larson is headquartered 40 miles northwest of Detroit in Clarkson, Michigan and has over 350 employees across 10 locations in Michigan, Ohio, Indiana and Kentucky.
“The Oscar Larson acquisition is another example of Trive partnering with a successful, founder-owned business,” said Blake Bonner, a partner at Trive. “The Oscar Larson management team has built a great business with a reputation for fanatical customer service that we’re excited to support through its next stage of growth.”
The company was founded in Detroit in 1946 by Oscar W. Larson, a former employee of Shell, as a fuel pump installation and repair shop. “For the past 70 years, Oscar Larson’s success has been a result of our relentless efforts to serve the customer,” said Mr. Larson. “With Trive’s financial backing and operational resources, we will be able to expand into new geographies and broaden our offerings to better meet the needs of our customers and increase the market share of our suppliers.”
Trive invests from $10 million to $150 million of debt or equity in North America-headquartered companies with revenues of $40 million to $1.5 billion. The firm is industry-agnostic but has specific experience across a range of sectors including aerospace and defense, automotive, building products, business services, chemicals, and consumer goods. The firm was founded in 2012 by Conner Searcy and Chris Zugaro and is based in Dallas.
“With Trive, we have found a partner who shares our vision for the future of Oscar Larson,” said Charlie Burns, the president of Oscar Larson. “They not only recognize the value of our current customer base but also see the immense opportunity ahead of us.”
SideKick Operators, an investor and advisor to companies that provide repair, planned maintenance, inspection and testing services, co-invested alongside Trive and the Oscar Larson management team. SideKick Operators is based in Texas and is led by Phil Miner.
The buy of Oscar Larson quickly follows Trive’s announcement last week that it had formed Karman Missile & Space Systems in partnership with the senior management teams of Aerospace Engineering Corp. and AMRO Fabricating Corporation. Karman is now one of the largest independently owned manufacturers and suppliers of complex systems used in aerospace and defense applications.
Cowen was the financial advisor to Oscar Larson on this transaction.
© 2021 Private Equity Professional | February 3, 2021
