power systems

High Road Adds to Storage Battery Systems

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Storage Battery Systems, a portfolio company of High Road Capital Partners, has acquired Nolan Power Group.

Nolan Power sells and services industrial stationary batteries, chargers, and backup power systems. The company also provides a range of services including power system evaluation and engineering, installation and disposition, maintenance, repair and testing. Customers of Nolan Power are active in the industrial, manufacturing, oil and gas, data center and telecommunications sectors.

Nolan Power, founded in 1979, has locations in Dallas and Houston, TX; Lakeland, FL; and is headquartered near New Orleans in Mandeville, LA (www.nolanpower.com).

High Road acquired Storage Battery Systems (SBS) from Supply Chain Equity Partners in May 2017. SBS is an assembler and distributor of branded, rechargeable industrial batteries and test equipment used in warehousing and logistics, and standby and uninterruptible power supply applications. Products and services include Lithium-Ion, Nickel Cadmium, sealed VRLA (valve-regulated lead-acid batteries in both absorbent glass mat (AGM) and Gel formats), wet cell batteries, as well as custom-designed power products; chargers, testing and monitoring equipment; and storage systems.

SBS was founded in 1915 and is headquartered near Milwaukee in Menomonee Falls, WI with additional facilities in Greenville, WI; Carol Stream, IL; and Ft. Wayne and Elkhart, IN (www.sbsbattery.com).

“Nolan Power is a leading provider of critical standby power solutions and services, and its top-notch technicians and commitment to service and training have positioned the company as the go-to provider in the Gulf Region,” said Ben Schnakenberg, a Partner at High Road. “Nolan Power’s service offering is highly complementary to SBS, and we look forward to supporting both companies as they look to leverage these capabilities to accelerate growth.” Mr. Schnakenberg led the transaction for High Road and was assisted by Nick Martino, Operating Partner; Scott Rubino, Principal; and Tom Cassidy, Associate.

High Road invests in manufacturing, service, or value-added distribution businesses with revenues of $10 million to $100 million and EBITDAs of $3 million to $10 million.  High Road has completed 49 transactions – 18 platform investments, 24 add-on acquisitions and seven exits – since its founding in 2007.  High Road is based in New York (www.highroadcap.com).

Twin Brook Capital Partners (www.twincp.com) provided financing for this transaction.

KPMG Corporate Finance was the financial advisor to Nolan Power.

© 2018 Private Equity Professional | July 26, 2018

Pfingsten Buys Critical Power USA

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Unified Power, a portfolio company of Pfingsten Partners, has acquired Critical Power USA, a provider of services and equipment to the uninterruptible power market.

Critical Power USA provides emergency service, installation service, preventive maintenance service, battery replacement, capacitor replacement, demand maintenance and first responder training. The company also provides equipment including UPS systems, DC power plants, numerous battery products, and current inverter systems. Critical Power USA is based west of Baltimore in Frederick, MD (www.criticalpowerusa.com).

Unified Power is a provider of preventative, remedial and emergency maintenance services, equipment and parts to the uninterruptible power supplies industry. The company operates two business lines: the services division includes full service and preventative maintenance contracts, time and material services, load bank testing and thermographic services; and the equipment division provides equipment recycling and refurbishment, parts sales and rental power equipment. Unified Power is led by CEO Chris Roach and is based east of Dallas in Terrell, TX (www.unifiedpowerusa.com).

The buy of Critical Power USA is Unified Power’s sixth add-on acquisition since Pfingsten became the majority shareholder in 2011. Earlier add-ons were Power Protection Unlimited (Rosedale, MD); United Power Service Company (Glenmont, OH); Power Protection Services (Mesquite, TX); the UPS Division of LionHeart Power Systems (Huntley, IL); and 24/7 Technology (Marietta, GA).

Pfingsten invests in middle market manufacturing, distribution and business services companies that have transaction values ranging from $15 million to $100 million and EBITDA between $3 million and $12 million. Since founding in 1989, Pfingsten has acquired 114 such companies through five funds with total commitments of $1.3 billion. The firm is based in Chicago with additional representative offices in India and China (www.pfingsten.com).

© 2016 Private Equity Professional • 8-9-16

JMC Acquires C&D Integrated Power Systems

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Unipower, a JMC Capital Partners portfolio company, has acquired C&D Integrated Power Systems (IPS) from C&D Technologies.

IPS designs and manufactures DC power systems which provide both primary and back-up power for utility and telecom applications. The business was founded in 1976 and is a stand-alone business of C&D Technologies. IPS is headquartered north of Chattanooga in Dunlap, TN (www.cdtechnopwr.com).

Unipower designs, manufactures and markets switching power supplies, front ends, rectifiers, converters, inverters, power systems, high voltage power supplies and military power supplies for datacom, telecom, military, industrial controls, industrial photonics, medical and instrumentation markets. The company is headquartered near Ft. Lauderdale in Coral Springs, FL (www.unipowerco.com).

“We are excited about the potential of the combined company.  IPS enjoys a strong reputation and Unipower and IPS customers will benefit from the expanded product selection and design capability that the combined company will offer,” said Michael D’Amelio, Managing Partner of JMC Capital Partners.

JMC Capital Partners invests from $5 million to $15 million in lower-middle market industrial companies that manufacture “intermediate” products (products that are sold to other businesses).  Sectors of interest include industrial components and equipment; electrical and electronic equipment; process instrumentation and controls; analytical instruments and measuring devices; fluid control, filtration and pumps; specialty chemicals, adhesives and coatings; plastics and synthetic materials; and healthcare and safety equipment.  JMC was founded in 1999 and is based in Boston (www.jmccp.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 1-14-15

Inverness Graham Sells ICCNexergy to KRG Capital

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Inverness Graham has sold its portfolio company ICCNexergy, a designer and manufacture of rechargeable power systems, to KRG Capital Partners.

ICCNexergy is a developer and manufacturer of rechargeable power systems that integrate lithium-ion battery packs, battery chargers, docking stations and power supplies for applications in the medical, data server/storage, prosumer (professional-consumer) electronics, safety/security, data acquisition, and military/aerospace industries. The company was founded in 1967 and has approximately 1,500 employees. ICCNexergy has 300,000 square feet of owned manufacturing space and is headquartered near Chicago in Westchester, IL (www.iccnexergy.com).

Inverness Graham invests in lower middle market value-added manufacturing and service companies with EBITDA’s between $3 million and $10 million and enterprise values of less than $75 million. The firm manages $250 million in capital commitments and was formed by senior executives of the Graham Group, an industrial and investment concern with global interests in plastics, packaging, recycling, building products and outsourced manufacturing. Inverness Graham is based near Philadelphia in Newtown Square, PA (www.invernessgraham.com).

Harris Williams & Co. (www.harriswilliams.com) acted as the exclusive advisor to ICCNexergy. The transaction team for Harris Williams was led by John Neuner, Bob Baltimore, David Allebach and Josh Garner.

“ICCNexergy has built an industry leading platform in the high growth lithium-ion rechargeable power systems space,” said John Neuner, a managing director at Harris Williams & Co. “Under Inverness Graham’s ownership, ICCNexergy transformed itself through acquisitions and a strong organic growth strategy to become a unique, single-source provider of customized, highly engineered power systems to a number of very attractive end markets that include medical, data server and storage, data collection and measurement, energy and power.”

“Inverness Graham and the management team at ICCNexergy brought together two leading companies through the 2010 merger of ICC and Nexergy and did a tremendous job integrating the businesses to position ICCNexergy for strong growth in the future,” said Bob Baltimore, a managing director at Harris Williams & Co. “Since the merger, the company has continued to invest in expanding its capabilities and broadening an already talented management team to enhance its strong platform for future organic and acquisition growth.”

KRG Capital specializes in acquiring and recapitalizing unique and profitable middle-market companies. Since inception, KRG has invested in 45 platform companies and has completed 149 add-on acquisitions for those platforms. Founded in 1996, KRG has over $4 billion of capital under management and is based in Denver (www.krgcapital.com).

© 2014 PEPD • Private Equity’s Leading News Magazine • 3-18-14