Harris Williams & Co. Advises Integrated Power Services in its Sale to Odyssey Investment Partners

July 31, 2012

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Integrated Power Services (IPS), the leading independent provider of maintenance and repair services for electric motors and generators used in industries such as power generation, petrochemicals, and mining, among others, to Odyssey Investment Partners (Odyssey). IPS was a portfolio company of The Riverside Company (Riverside). Harris Williams & Co. acted as the exclusive advisor to IPS. The transaction closed on July 31, 2012, and was led by Drew Spitzer, Brian Lucas and Matt White from the firm's Energy & Power (E&P) Group along with Ned Valentine and Ian Thomas.

"Since acquiring IPS, Riverside and management have executed a very successful growth strategy characterized by organic growth and several strategic acquisitions that have transformed IPS into the industry's leading provider and the only company with coast-to-coast service capabilities," said Drew Spitzer, a managing director at Harris Williams & Co. and co-head of the firm's E&P Group. "IPS’s management team is looking forward to partnering with Odyssey to continue to execute on their growth strategy and provide the same quality service for their customers. This transaction represents a great outcome for all parties involved and provides continued momentum for our industrial services practice."

The industrial services sector has been a significant focus for Harris Williams & Co. Over the past few years, Harris Williams & Co. has closed over a dozen transactions in this sector with clients serving a broad range of end markets, including Grand Isle Shipyard Inc., which provides critical services to the offshore and onshore oil and gas industry; Philadelphia Gear Corporation, which serves the industrial, power generation, oil and gas, infrastructure and military marine industries; and QualaWash Holdings, LLC, which serves the chemicals and transportation industries.

IPS, headquartered in Greenville, SC, is the leading independent provider of maintenance and repair services for electric motors and generators used in continuous process industries. With decades of experience, a proven reputation for "reliability delivered" and 16 nationwide service centers that provide coast-to-coast coverage, IPS is the established industry leader. IPS's critical repair solutions maintain and enhance the performance of its customers' motors and generators while minimizing the downtime of equipment and systems that rely on electric motors and generators. The company's deep industry experience and comprehensive services are vital in continuous process industries where fixed costs are high and uptime is paramount. IPS has unmatched technical capabilities to service electric motors and generators of virtually any size, age, and type. 

Riverside is a global private equity firm focused on acquiring and growing businesses valued at up to $200 million (€200 million in Europe). Since its founding in 1988, Riverside has invested in more than 280 transactions. The firm's international portfolio includes more than 75 companies, and it has $3.2 billion/€2.5 billion in assets under management.

Odyssey, with offices in New York and Los Angeles, is a leading middle market private equity firm with more than $2.5 billion under management. Odyssey primarily makes control investments, typically in established middle market companies in a variety of industries.