Azalea Capital Purchases Airco Industrial Contractors

Azalea Capital has acquired the assets and operations of Savannah, GA-based Airco Industrial Contractors. As part of this transaction Azalea has formed a new holding Company, Power Services Group.

PRESS RELEASE

Azalea Capital is pleased to announce the recent purchase of the assets and operations of Airco Industrial Contractors, Inc., located in Savannah, GA, by The Azalea Fund III, L.P. As part of this transaction Azalea has formed a new holding Company, Power Services Group, Inc. The new holding Company will initially have two operating subsidiaries – Airco Power Services, Inc. and Airco Industrial Services, Inc. Airco Power Services, Inc. provides OEMs and the Electric Utility Industry specialized labor and craft supervision required to service, maintain and install Gas and Steam Turbines and other Rotating Equipment used in the generation of electricity. Airco Industrial Services, Inc. provides a broad range of services to major manufacturing and industrial clients operating in the pulp and paper, food, chemical, and aerospace industries. These services include general plant maintenance, equipment repair / relocation, electrical and mechanical services, and minor construction services.
Joining Azalea in this transaction as CEO of Power Services Group, Inc. is Mr. Dennis McLaughlin, the former owner of The Atlantic Group, Inc., a power generation specialty staffing firm that Mr. McLaughlin sold to Day & Zimmerman in 2006. Mr. Troy Burrows, formerly with BHI Energy, has joined Airco Power Services, Inc. as President, while Mr. Ronnie Onofry, formerly with Power Equipment Maintenance, Inc., has joined Airco Industrial Services, Inc. as President. Mr. Greg Helmly and Mr. Jay Mahany, the former owners of Airco Industrial Contractors, Inc., will remain with the new Company, in business development and operations roles, respectively.
Mr. McLaughlin commented on the transaction, “We are excited to partner with Azalea Capital in the acquisition of Airco Industrial Contractors, Inc. We look forward to building upon the Company’s reputation in the power services and industrial maintenance industries by continuing to invest in our people and our processes. Our goals for the Company include geographic expansion and new service offerings, while maintaining the highest level of quality and responsiveness customers have come to expect from the Company as a trusted business partner.”

About Power Services Group
Power Services Group, Inc. (PSG) is a holding company with two subsidiaries – Airco Power Services and Airco Industrial Services. Airco Power Services, Inc. serves national and international OEMs and Electric Utility Companies in the servicing, repair, and maintenance of power generation assets. Focus industries includes the nuclear, fossil, hydro-electric and wind industries, while services range from minor repairs to major installations, annual outage work, and equipment upgrades / retrofits. Airco Industrial Services, Inc. serves major manufacturing and industrial firms by providing equipment maintenance, repair and relocation services, as well as electrical, mechanical, and construction services. Focus industries include the Pulp & Paper, Food, Oil & Gas, Chemical, and Aerospace industries.

About Azalea Capital
Azalea Capital, founded in 1996, is a private equity firm headquartered in Greenville, SC. Azalea invests equity capital in lower middle-market firms to facilitate management buyouts, business recapitalizations, and growth plans. Partnering with management teams in scalable, operating companies with established revenues and cash flows, we provide both financial and human capital to significantly enhance the long-term equity value of the underlying business. Typical investment candidates will have minimum annual revenues of $10 million in the focus industries of manufacturing, distribution, business services, consumer products, and healthcare.
Azalea Capital is actively seeking new investment opportunities for its third partnership, The Azalea Fund III, L.P. Other holdings of Azalea include Orbital Tool Technologies Corp. (Belvidere, IL), Modus, Inc. (Washington, DC), Star Packaging Corp. (Atlanta, GA), KLMK Group, Inc. (Richmond, VA), ETAK Systems, Inc. (Charlotte, NC), and Sunbelt Chemicals Corp. (Palm Coast, FL).

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