GPRS, a portfolio company of CIVC Partners since November 2017, has acquired Encompass Inspections.
GPRS (Ground Penetrating Radar Systems) provides private utility locating and concrete scanning services to utilities, contractors, engineering firms and environmental consultants in every major market in the United States. The company’s services are used to identify and map the presence of subsurface structures using ground penetrating radar and other locating techniques. GPRS was founded in 2001 and is headquartered in Toledo, OH (www.gprsinc.com).
Similar to GPRS, Encompass Inspections is a provider of private utility locating and concrete scanning services. The company’s clients include environmental services consultants, contractors, and engineering firms. Encompass Inspections was co-founded by Lance Jehn and Chris Stanley and is headquartered near Phoenix in Waddell, AZ (www.encompassinspections.net).
“This is a terrific opportunity for us,” said Mr. Jehn. “The new partnership with GPRS and CIVC gives us additional capital and resources, enabling Encompass to expand our service offerings, better serve our customers, and support our growth.”
The buy of Encompass is the first add-on acquisition for GPRS under CIVC’s ownership. The acquisition enhances GPRS’ market position by adding scale to GPRS’ existing business in Arizona, California, Texas and New York. “Encompass represents a highly complementary acquisition for GPRS that enhances our market position in several rapidly growing regions,” said Matt Aston, Founder and President of GPRS.
CIVC invests from $15 million to $85 million in companies that have at least $5 million of EBITDA. Sectors of interest include business services and financial services. Since 1989, CIVC has invested $1.5 billion in 61 platform companies and is currently investing through its fifth fund, CIVC Partners Fund V LP, which closed at its hard cap of $400 million in May 2017. CIVC is headquartered in Chicago (www.civc.com).
© 2018 Private Equity Professional | April 24, 2018