Funds advised by Searchlight Capital Partners, L.P. (“Searchlight”), a leading global private investment firm, today announced a definitive agreement to acquire a majority stake in Integrated Power Services (“IPS” or the “Company”), a leader in industrial aftermarket services. Searchlight acquired the Company from funds advised by Odyssey Investment Partners, LLC (“Odyssey”). Terms of the agreement were not disclosed.
Founded in 2007 and headquartered in Greenville, South Carolina, IPS provides maintenance, repair and replacement solutions for critical process equipment serving industrial and renewable energy end-markets in North America. With 33 service centers and field offices, IPS serves over 5,000 unique customer locations and covers equipment spanning motors, generators, pumps and power systems. The Company’s investment in advanced equipment infrastructure and a skilled technician workforce allows IPS to provide unmatched service quality, helping its customers mitigate the costs of equipment downtime.
“IPS is in the midst of accelerated growth of its capabilities to provide industry-leading aftermarket solutions across a range of essential infrastructure equipment for our broad base of customers,” said John Zuleger, Chief Executive Officer of IPS. “We would like to thank Odyssey, whose partnership and investment in IPS have created significant value for the business. We now look forward to partnering with Searchlight during this exciting time of growth and transformation.”
Elliott Weinstein, Managing Director at Searchlight, commented: “We are excited to partner with the senior leadership team at IPS who has established a track record of operational excellence and positioned the Company as a leader in its field. Going forward, IPS has a unique growth opportunity in existing and new markets as well as across the types of equipment serviced.”
Eric Zinterhofer, a Founding Partner of Searchlight, added: “The diverse and highly re-occurring nature of IPS’ customer base illustrates the differentiated service quality that the Company is able to provide its customers. With a proven management team and a superior customer value proposition, IPS has an exciting opportunity to continue its strong growth trajectory in a fragmented market.”
The transaction is subject to receipt of customary regulatory approvals and is expected to close later this year.