Staple Street sells Ironline’s aftermarket unit to Surepoint

Staple Street Capital has sold the aftermarket services division of Nisku, Alberta-based Ironline Compression to Surepoint Technologies Group.

Staple Street Capital has sold the aftermarket services division of Nisku, Alberta-based Ironline Compression to Surepoint Technologies Group. No financial terms were disclosed. Staple Street will continue to own Ironline’s gas and air compression rental business. Surepoint, a Calgary-based industrial contractor, is backed by ATB Private Equity.

PRESS RELEASE

NISKU, Alberta–(BUSINESS WIRE)–Staple Street Capital (“Staple Street Capital” or “SSC”), a leading middle-market private equity firm with approximately $800 million of capital under management, is pleased to announce the sale of Ironline Compression’s (“Ironline”) aftermarket services division (the “AMS Division”) to Surepoint Technologies Group (“Surepoint”). Staple Street Capital will continue to own Ironline’s compression rental business which acquires, sells, and leases a broad range of gas and air compressor packages across Canada’s Western Sedimentary Basin.

Tim Kelley, CEO of Ironline stated, “We want to thank the Staple Street Capital team for their partnership and support over the years. Staple Street Capital made significant investments in the business that have helped us achieve best-in-class standards for customer satisfaction and operational excellence. SSC’s long-term mindset and consensus-oriented approach has been integral to help us achieve this significant milestone. We are excited to work with SSC to further expand our compressor rental business going forward.”

The partners at Staple Street Capital, Hootan Yaghoobzadeh and Stephen Owens, added, “The partnership with the Ironline team is an exemplification of the value creation that occurs when an organization is aligned around a set of core values to deliver operational excellence and outstanding customer service. We are proud of the accomplishments of the entire Ironline team and want to thank them for their contributions. We are confident that the AMS Division and its employees will continue to flourish as part of the Surepoint family of companies and are excited to continue to build Ironline’s compression rental business as a standalone entity.”

About Staple Street Capital
Staple Street Capital, a leading private equity firm with approximately $800 million of capital under management, invests in market‐leading businesses where there are identifiable strategic or operational opportunities to create value. SSC helps companies navigate change, tackle challenges, and capitalize on new opportunities to build strong, more valuable businesses. Staple Street Capital typically seeks to invest $25 million – $125+ million of equity per transaction. For more information, please visit www.staplestreetcapital.com.

About Ironline Compression Services
Ironline Compression is a leading compression rental business consisting of the purchase, sale, and rental of gas and air compressor packages, and ancillary equipment. With one of the largest and best equipped fleets in Western Alberta, Ironline offers to a diversified set of oil and gas companies a differentiated set of contract compression and bare rental solution offerings.

About Surepoint Technologies Group Ltd.
Established in 2003, Surepoint Group is a premier industrial contractor specializing in electrical, instrumentation, telecom, compression and controls, modular buildings, and equipment fabrication. Working within many sectors and branches located in strategic areas, Surepoint Group provides clients with dependable, high quality, and responsive service.