London-listed private equity firm JZ Capital Partners Limited has acquired Midwest Valve Parts (MVP) alongside its long-term investment partner The Edgewater Funds.
The acquisition of MVP is an add-on to Industrial Services Solutions’ (ISS) existing Specialty Products Group (SPG), and marks the third acquisition made into SPG (joining Worthington Compressors and Parts Service International). Led by Jim Rogers, a GE veteran who has extensive industry experience, ISS is generating annual sales and EBITDA in excess of USD260 million and USD45 million, respectively.
MVP is an independent supplier of replacement parts for valves, actuators, and related equipment to valve remanufacturers, as well as direct to end users in a variety of markets, including: oilfield services, power generation, mining, and process industries such as refineries, chemical plants and pharmaceutical companies.
The acquisition of MVP was funded with USD3.8 million in third party debt and a USD0.5 million subordinated seller note. JZCP owns approximately 34% of the combined entity.
David Zalaznick, JZCP’s Founder and Investment Adviser, says: “MVP is an excellent addition to our Industrial Services platform. Together with the management team, we look forward to integrating MVP into our Specialty Products Group and helping to further grow this already strong asset.”
