Warren Equity Partners, a middle market private equity firm, has acquired a majority interest in IPC Lydon, an industrial services business specialising in maintenance, repair and upgrade services to the material handling, power generation, wastewater treatment and general industrial markets.
IPCL, based in Avon, Massachusetts, was previously a wholly owned subsidiary of Jay Cashman. Jay Cashman, chairman and owner of Cashman, will retain a significant equity interest in the company. Terms of the transaction have not been disclosed.
John Burke, president of IPCL, says: “IPCL has one of the most experienced management teams in the specialty services and mission critical industrial markets. Jim and I look forward to working closely with Warren Equity in furthering our market presence, awareness and best in class services across all of IPCL’s market segments.”
“We chose to partner with Warren Equity due to their understanding of the industrial services sector and excitement about scaling the business,” says Cashman. “We look forward to capitalising on their expertise and capabilities as we enter this next phase of growth and continue to expand our footprint.”
“We are tremendously excited to partner with an exceptional management team led by John and Jim, as well as Jay Cashman,” says Scott Bruckmann, principal at Warren Equity. “IPCL fits directly into our thesis of investing in businesses that provide critical, recurring services to the industrial and infrastructure sectors. We think the company has a long runway for growth, and we look forward to expanding the platform with management.”
