M&A Deal Summary

CenterGate Capital Acquires Mid-State Industrial Maintenance

On February 12, 2019, private equity firm CenterGate Capital acquired business services company Mid-State Industrial Maintenance from KLH Capital

Acquisition Highlights
  • This is CenterGate Capital’s 1st transaction in the Business Services sector.
  • This is CenterGate Capital’s 5th transaction in the United States.
  • This is CenterGate Capital’s 1st transaction in Florida.

M&A Deal Summary
Date 2019-02-12
Target Mid-State Industrial Maintenance
Sector Business Services
Buyer(s) CenterGate Capital
Sellers(s) KLH Capital
Deal Type Secondary Buyout

Target

Mid-State Industrial Maintenance

Lakeland, Florida, United States
Mid-State's headquarters in Lakeland, Florida.
Mid-State's headquarters in Lakeland, Florida.
Mid-State Industrial Maintenance is a provider of on-site and off-site industrial maintenance and service solutions. Mid-State serves as an outsourced maintenance and repair services provider to customers in the chemical processing, phosphate mining, power generation, and building products industries throughout the southeastern United States. Mid-State Industrial Maintenance was founded in 1973 and is based in Lakeland, Florida.

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Buyer(S) 1

Buyer

CenterGate Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2014
PE ASSETS 740M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

CenterGate Capital is a private equity firm focused on improving and growing lower middle market companies. The Firm looks to partner with companies generating $20 to $250 million in revenues. Sectors of interest include business services, industrials, energy services, consumer, and healthcare services. Prospective transaction situations include buyouts, divestitures, recapitalizations, shareholder liquidity needs, and restructurings. CenterGate Capital was founded in 2014 and is based in Austin, Texas.

DEAL STATS #
Overall 5 of 15
Sector (Business Services) 1 of 5
Type (Secondary Buyout) 1 of 4
State (Florida) 1 of 2
Country (United States) 5 of 14
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-29 Owen Equipment

Portland, Oregon, United States

Owen Equipment is a provider of specialty equipment platforms providing critical infrastructure solutions to municipal, utility, and commercial customers throughout the western United States. Owen serves as a dealer of new and pre-owned equipment, provides related parts and maintenance services, and maintains a large fleet of rental equipment used for sewer maintenance, hydro/vacuum excavation, street cleaning, and waste management applications. Owen Equipment was founded in 1958 and is based in Portland, Oregon.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-30 Naumann Hobbs Material Handling

Phoenix, Arizona, United States

Naumann Hobbs Material Handling is a full-service material handling dealership that leases, sells, and services a variety of electric and internal combustion forklifts and other commercial products. Naumann Hobbs operates along five lines of business that work together to provide the most attractive value proposition in this sector in the southwestern United States. Naumann Hobbs Material Handling was founded in 1949 and is based in Phoenix, Arizona.

Buy -

Seller(S) 1

SELLER

KLH Capital

Tampa, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

KLH Capital is a private investment firm focused on smaller company investments in a variety of growing industry sectors. KLH helps provide management teams with capital to facilitate recapitalizations, management buy-outs/buy-ins, family successions, and other ownership transitions. KLH generally pursues companies with $4 to $20 million in pre-tax earnings and will consider opportunities across the US. KLH will not invest in start-ups, high technology, software, biotech, restaurants, retail, real estate development, oil and gas operations, or new construction businesses. KLH Capital is based in Tampa, Florida.

DEAL STATS #
Overall 27 of 30
Sector (Business Services) 4 of 4
Type (Secondary Buyout) 12 of 13
State (Florida) 4 of 6
Country (United States) 27 of 30
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-01 Shenandoah Industrial Solutions

Pompano Beach, Florida, United States

Shenandoah Industrial Solutions is a provider of storm drainage system inspection, cleaning, and CIPP rehabilitation serving municipalities and commercial customers. Shenandoah Industrial Solutions is based in Pompano Beach, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-01 ElectriCom

Paoli, Indiana, United States

ElectriCom is a provider of aerial, underground, wireless, and right-of-way installation and maintenance services to the telecommunications and utility industries across the United States. ElectriCom was founded in 1960 and is based in Paoli, Indiana.

Buy -
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