Powerhouse Retail Services, which is backed by Lincolnshire Management Inc, has acquired New Jersey-based Advanced Service Solutions, an outsourced business services provider. No financial terms were disclosed.
NEW YORK ‒ January 25, 2022 ‒ Lincolnshire Management, Inc. (“Lincolnshire”), a private equity firm founded in 1986, focused on investing in and growing middle market companies across an array of industries, today announced that the firm’s portfolio company Powerhouse Retail Services, LLC (“Powerhouse”), has acquired Advanced Service Solutions (“Advanced”). Advanced is a leading outsourced business services provider that will provide additional estimation and contractor capacity to Powerhouse’s existing facilities maintenance service offering particularly in the pharmacy, grocery, and retail markets. Financial terms of the private transaction were not disclosed.
Founded by current CEO Jeff Tunis in 2007 and based in Hammonton, New Jersey, Advanced provides facilities maintenance management, offering interior and exterior services to commercial clients nationwide.
“The acquisition of Advanced is a continuation of Powerhouse’s thoughtful build out of their national footprint and facility maintenance service offerings and is a testament of the team’s ability to integrate acquisitions and drive growth,” said T.J. Maloney, Chairman and CEO of Lincolnshire Management. “We are thrilled to combine these two businesses as Advanced accelerates Powerhouse’s service offering for the pharmacy as well as other end markets.”
Advanced is the fourth acquisition for Powerhouse since Lincolnshire acquired Powerhouse and Security Vault Works in 2019 to create a leading national platform company providing refresh, remodel and facilities maintenance services to a roster of blue-chip customers nationwide including retail, foodservice, financial institution, hospitality, and healthcare companies.
The Lincolnshire team that led the transaction included Tom Callahan, Philip Kim, John Comino, Tad Nedeau, Matt Nacier, Nicolas Vega Llona, and Yashna Ginodia.
“We’re excited for the benefits Advanced brings to the Powerhouse family of companies,” said John Comino, a Director at Lincolnshire Management. “Advanced’s proprietary facility management technology platform and network of contractors will augment Powerhouse’s ability to service customers on a nationwide scale.”
Loeb & Loeb LLP served as legal counsel, and PwC served as accounting adviser to Lincolnshire on the transaction.
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 specific 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, please visit www.lincolnshiremgmt.com.