M&A Deal Summary

Center Rock Capital Partners Acquires Power Services Group

On July 11, 2022, private equity firm Center Rock Capital Partners acquired energy services and equipment company Power Services Group from Azalea Capital and Harbert Mezzanine Capital

Acquisition Highlights
  • This is Center Rock Capital Partners’ 2nd transaction in the Energy Services and Equipment sector.
  • This is Center Rock Capital Partners’ 9th transaction in the United States.
  • This is Center Rock Capital Partners’ 1st transaction in Florida.

M&A Deal Summary

Date 2022-07-11
Target Power Services Group
Sector Energy Services and Equipment
Buyer(s) Center Rock Capital Partners
Sellers(s) Azalea Capital
Harbert Mezzanine Capital
Deal Type Secondary Buyout

Target

Power Services Group

Cape Coral, Florida, United States
website
Power Services Group is an independent provider of highly technical turbine generator maintenance, repair and overhaul services primarily serving the power, industrial and petrochemical markets. Power Services Group is based in Cape Coral, Florida.

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Buyer(S) 1

DESCRIPTION

Center Rock Partners is a private investment group focused on investing in middle-market industrial companies headquartered in North America that serve domestic and global markets. The Firm generally pursues companies with $25 to $500 million in revenue and up to $50 million of EBITDA. Specific areas of interest include Industrial manufacturing, industrial distribution and industrial services. Center Rock Capital Partners was formed in 2017 and is headquartered in Chicago, Illinois.


DEAL STATS #
Overall 9 of 9
Sector (Energy Services and Equipment) 2 of 2
Type (Secondary Buyout) 5 of 5
State (Florida) 1 of 1
Country (United States) 9 of 9
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-30 Power Plant Services

Melrose Park, Illinois, United States

Power Plant Services is a provider of aftermarket turbine components and turnkey MRO services for the global power generation and general industrials markets. The Company serves utility, independent power producers, and industrial plant customers domestic and internationally. PPS’s core product and service offering include quick turn component manufacturing, shop repairs, field services, field machining, and engineering services for turbines, other power generation, and balance of plant equipment. Power Plant Services is based in Melrose Park, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-02 Signature Systems Group

Flower Mound, Texas, United States

Signature Systems Group is a manufacturer of composite mats for worksite safety and ground protection. Signature Systems Group’s products are utilized in the construction, power transmission, infrastructure, energy, and special events industries. Signature Systems Group was formed in 1998 and is based in Flower Mound, Texas.

Sell $350M

Seller(S) 2

SELLER

Azalea Capital

Greenville, South Carolina, United States

Investor Investor Investor

website


Category Private Equity Firm
Founded 1995
Size Small
Type Sector Agnostic
DESCRIPTION

Azalea Capital is a private investment firm focused on providing equity capital to privately owned middle-market companies located in the Southeast US. Prospective transaction situations include management buyouts, divestitures, recapitalizations, and growth financings. Target companies typically have at least $10 million in revenue and are profitable with up to $8 million of EBITDA. Sectors of interest include niche manufacturing, value-added distribution, business services, consumer products, and healthcare. Azalea was formed in 1995 and is based in Greenville, South Carolina.


DEAL STATS #
Overall 13 of 15
Sector (Energy Services and Equipment) 1 of 1
Type (Secondary Buyout) 5 of 5
State (Florida) 2 of 3
Country (United States) 13 of 15
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-10 The Muffin Mam

Simpsonville, South Carolina, United States

The Muffin Mam is a manufacturer of baked goods, producing creme cakes, muffins, pound cakes, brownies, and angel food cakes. The Muffin Mam was founded in 1990 and is based in Simpsonville, South Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-07 Ark Naturals

Tampa, Florida, United States

Ark Naturals provides premium functional treats, pet supplements, and wellness products to keep clients' pets as happy and healthy as possible through every life stage. Ark Naturals Co. was founded in 1996 and is based in Tampa, Florida.

Sell -
DESCRIPTION

Harbert Mezzanine Capital is the junior capital investment arm of asset manager Harbert Management Corporation. Harbert Mezzanine looks to invest $3 to $15 million of subordinated debt to support growth needs, acquisitions, recapitalizations, or management buyouts of mid-sized companies throughout the US. Harbert Mezzanine Capital is based in Nashville, Tennessee.


DEAL STATS #
Overall 8 of 12
Sector (Energy Services and Equipment) 1 of 1
Type (Secondary Buyout) 3 of 6
State (Florida) 2 of 2
Country (United States) 8 of 12
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-10 ApolloLIMS

Brentwood, Tennessee, United States

ApolloLIMS is a provider of proprietary laboratory information management systems software to the laboratory marketplace to assist operators with laboratory automation and quality assurance. ApolloLIMS was founded in 1994 and is based in Brentwood, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-26 IHP

Nashville, Tennessee, United States

Innovative Hearth Products is a manufacturer of indoor and outdoor fireplaces, fireplace inserts, free-standing stoves, gas log sets, venting products and accessories for the specialty retail, residential new construction and industrial markets. Based in Nashville, Tenn. IHP operates manufacturing facilities in Russellville, Ala., Santa Ana, Calif. and Auburn, Wash.

Sell -