Allied Industrial Partners LLC, an industrial-focused private equity firm (together with its affiliates "AIP"), has acquired Cat Entertainment Services, a provider of specialty mobile power generation, power distribution, and temperature control services.
The acquisition is a carve-out from Ring Power Corporation, one of the largest U.S. Caterpillar dealers, which will retain a minority stake in the business.
The company, which will be rebranded as CES Power, will be led by co-founder Greg Landa as CEO, supported by the existing leadership team. Financial terms of the transaction were not disclosed.
Founded in 2000 and now headquartered in Memphis, Tenn., CES Power has a long track record of providing reliable and safe power solutions to its blue-chip customer base. The company offers a full range of technology driven power services to the broadcasting, entertainment, emergency response and industrial sectors, including providing services for the world's most complex and highest profile events.
Recent CES projects include the 2021 NFL Draft and the 2021 NCAA Final Four tournament, as well as multiple stadium touring acts and the largest music festivals in the world.
"CES represents a compelling opportunity to invest in the market leader of distributed power services in the entertainment space, and the timing could not be better as demand for live events and complex mobile power needs increases," said Bradford Rossi, co-founder and managing partner at AIP. "We were attracted by the company's team-oriented culture, track record and reputation for high-quality service, and look forward to working closely with Greg and the talented employee base as we pursue next level growth."
"We are thrilled to be partnering with AIP as we take this next step," said Landa. "As a standalone company we will have greater opportunities to accelerate our growth and greatly enhance the user experience for our customers and our team."
"We were very impressed with the company's ability to weather the pandemic and are excited about the opportunities for future organic expansion and add-on acquisitions," said Philip Wright, co-founder and managing partner at AIP. "The CES Power team's technical capabilities and versatility are unparalleled in the industry and provide numerous growth opportunities."
"We are incredibly proud and thankful for all of the hard work from the CES Power team over the years and are excited for this next chapter," said David Alban, president of Ring Power Corporation. "We believe AIP is the right partner to help CES reach its full potential and have been very impressed with the transformational work that has taken place within the first month of our partnership together."
AIP has deployed and allocated more than $100 million of capital across two platforms over the previous eight months. In November 2020, AIP launched Dovetail Infrastructure Services with the acquisition of the Aqua Pipeline, a large scale water pipeline located in northeast Pennsylvania, that was purchased as part of a divestiture from a large publicly traded utility.
Eaton Partners, a Stifel business, served as financial advisor and Kirkland & Ellis LLP served as legal counsel to AIP.
About Allied Industrial Partners
Founded in 2019, Allied Industrial Partners LLC is a lower and middle market private equity firm that thematically invests in high-growth companies within various industrial subsectors, including industrial rentals, manufacturing, distribution, environmental services and critical infrastructure. AIP seeks to partner with experienced management teams that can benefit from its operational enhancement capabilities and its active, hands-on involvement, which allows the firm to execute on buy and build strategies.
For more information, visit www.alliedindustrialpartners.com.
About CES Power
Founded in 2000 and headquartered in Memphis, Tenn., CES Power LLC has a multi-decade track record of providing reliable and safe power solutions to its blue-chip customer base, including at the world's most complex and highest profile events. The company offers a full range of technology driven power services to the broadcasting, entertainment, and industrial sectors.
For more information, visit www.cespower.com.
About Ring Power Corporation
Ring Power Corporation, North and Central Florida's Cat dealer, is headquartered in St. Augustine, Fla. Ring Power is comprised of eight divisions and has more than 59 years of experience servicing and supporting Cat products and allied equipment.
For more information, visit www.ringpower.com.
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