Lincolnshire Management Inc said Oct. 15 that it invested in Powerhouse and two related companies. This included Security Vault Works Inc and add-on One Source Security & Sound. Financial terms weren’t announced. Powerhouse provides recurring facilities maintenance services, while Security Vault installs self-service kiosks and automated teller machines mainly for financial institutions.
Lincolnshire Management Invests in Powerhouse and Two Related Companies
to Create the Leading National Provider of Outsourced Refresh, Remodel and Facilities Maintenance Services
NEW YORK ‒ October, 15, 2019 ‒ In a trifecta of acquisitions, Lincolnshire Management Inc. today announced it has invested in Powerhouse as well as in two complementary, outsourced business services companies, creating a leading national platform company providing refresh, remodel and facilities maintenance services to a roster of blue-chip customers nationwide. The combined company will be an asset light provider of these services for large scale, multi-site projects. Financial terms of the private transaction were not disclosed.
Simultaneous with completing the investment in Powerhouse, a leading nationwide provider of high-volume, multi-site rollouts, refresh, and recurring facilities maintenance services, Lincolnshire Management also invested in Security Vault Works, Inc. which included a highly complementary add-on One Source Security & Sound (collectively, “SVW”). SVW is the nation’s largest provider of full-service installations of self-service kiosks and automated teller machines for primarily financial institutions, providing customers with innovative and cost-effective personalized solutions in commercial remodel, program management, equipment and design solutions.
“Powerhouse and SVW have unique but complementary offerings, backed by strong management teams,” said T.J. Maloney, Chairman and CEO of Lincolnshire Management. “We see vast potential for these companies to grow together and believe the combination will create a market-leading provider of outsourced business services. We look forward to helping these highly scalable, tech-enabled companies grow, reach more customers and develop more services.”
Powerhouse currently serves an established customer base spread across a $600 billion facilities services market, while SVW has a rich history serving financial institutions across the country. Combined, the company will provide refresh, remodel and facilities maintenance services to a roster of national chains of banks, health care facilities, convenience stores, restaurants, retail stores, and large residential rental apartment units. The combined company will have more than 650 employees and work with a nationwide network of over 10,000 subcontractors in order to meet the needs of its growing customer base.
The transaction was led by Lincolnshire Management Managing Directors Philip Kim and Pieter Kodde. “The investment in Powerhouse and SVW is a terrific addition to Lincolnshire Management’s portfolio,” commented Kim and Kodde. “We are extremely excited to work with the management teams as the company enters its next phase of growth, and support them as they continue to offer their services to the best nationwide brands in food service, hospitality, financial institutions, retail, healthcare and commercial real estate segments.”
Baird Global Investment Banking advised Powerhouse. The transaction was financed by Cerberus Capital Management L.P. SunTrust Robinson Humphrey acted as advisor to Lincolnshire Management. Kirkland & Ellis LLP provided legal advice to Lincolnshire Management.
About Lincolnshire Management, Inc.
Lincolnshire Management Inc., founded in 1986, is a private equity firm focused on investing in and acquiring growing middle market companies across an array of industries. Headquartered in New York, Lincolnshire Management invests in acquisitions of private companies, recapitalizations, corporate divestitures, management buyouts and growth equity for public and private companies. Lincolnshire Management manages over $1.7 billion of private equity capital. For more information: www.lincolnshiremgmt.com.
Powerhouse is a leading, nationwide provider of high-volume, multi-site rollouts and refreshes, as well as recurrent facilities maintenance services. The majority of Powerhouse’s work is outsourced to a network of over 10,000 independent subcontractors, and delivered through a tech-enabled, asset-light platform. Powerhouse has primarily served customers in the food service, retail, and hospitality segments and is expanding in the financial and healthcare sector. For more information: www. https://powerhousenow.com/.
About SVW and OS2S
Security Vault Work is the largest provider of full-service installations of self-service kiosks and ATMs for financial institutions. Customers include 4 of the top 5 financial institutions, OEMs of ATMs and other Point-of-Sale (“POS”) equipment and property managers. Besides additional growth in the financial institution market, Security Vault Works is looking to grow in the food service sector.