Industrial Growth Partners acquires NASS

Industrial Growth Partners has bought North American Substation Services, an Altamonte Springs, Florida-based provider of power transmission and distribution infrastructure. No financial terms were disclosed.

PRESS RELEASE

San Francisco, CA – Industrial Growth Partners, in partnership with management, has acquired North American Substation Services, LLC (“NASS” or the “Company”) and other related entities, including North American Protection and Control, LLC (“NAPC”).

Headquartered in Altamonte Springs, Florida, NASS is the leading independent service provider for mission-critical power transmission and distribution infrastructure nationwide. NASS’s full suite of outsourced services prevents costly equipment failure by maintaining and extending the life of aging utility infrastructure. The Company installs, maintains, and repairs transformers and other critical equipment for utilities and transformer OEMs. Services including oil processing, regasketing, re-assembly, bushing repairs, load tap changer repairs, leak repairs, testing, and other value-add services. Through its NAPC division, the Company provides protection and control engineering services which ensure efficient and safe substation operation by monitoring and minimizing equipment flaws and disruptions. NASS’s highly experienced team of trained technicians and its strong safety track-record contributes to its long-standing customer relationships that include large investor-owned utilities and blue-chip transformer OEMs. NASS’s national footprint and mobile workforce, combined with the industry’s largest fleet of oil processing rigs, enables the Company to rapidly service substations throughout the U.S.

“The NASS management team is excited to partner with IGP as we strengthen our leading independent market position and continue to aggressively pursue opportunities for growth in all facets of our business” commented Mark Roberts, President and CEO of NASS. “IGP’s deep experience, knowledge base, and strategic focus make them an ideal equity partner for us.”

Acquisition Details. On December 31, 2014, Industrial Growth Partners IV, L.P., in partnership with management, acquired 100% of the Company, marking the seventh platform investment for IGP’s Fund IV. The transaction creates a platform for NASS to accelerate its growth nationwide, including the expansion of its service offerings and the pursuit of strategic add-on acquisitions. The acquisition is an ideal fit with IGP’s strategy of investing in niche industrial companies with leading market shares and outstanding management teams. To learn more about NASS, please visit www.nassusa.com.

IGP, founded in 1997, is a San Francisco-based private equity investment firm with $1.4 billion of equity capital raised since inception. The firm invests exclusively in middle-market companies in the industrial sector in partnership with management teams.