ISS Completes Sale of its Inspection Services Segment
ROSEMONT, Ill.--(BUSINESS WIRE)--Oct 1, 2024--
Industrial Service Solutions (“ISS”), an industrial MRO services platform and a Wynnchurch Capital, L.P. (“Wynnchurch”) portfolio company, today announced the sale of its inspection services segment (“ISS Inspection Services”) to Element Materials Technology (“Element”), a global provider of testing, inspection, and certification services for highly regulated end markets.
ISS Inspection Services is comprised of four customer-facing brands: NIC Inspection Services, PTI Industries (both accredited by the Federal Aviation Administration), PRO Inspection Services, and CTS Inspection Services. Together, these entities serve almost 1,000 customers operating in the aerospace, space, defense, and energy industries and provide advanced capabilities in NDT, inspection, and special process services such as precision cleaning and coatings. The company’s team of around 300 highly skilled employees work from one of its five facilities in the U.S., or directly at customers’ sites.
Wade Stockstill, CEO of ISS, said, “With the sale of ISS Inspection Services, we are excited to focus our growth efforts and investment in ISS’s core rotating equipment business. We would like to thank the ISS Inspection Services team for their commitment to quality and customer service. We wish them the best on their new partnership with Element.”
Wynnchurch manages a number of private equity funds with $9.2 billion of regulatory assets under management and is actively seeking investments. In August 2024, Wynnchurch acquired ORS Nasco, North America’s largest pure wholesaler of industrial MRO supplies selling to distributors throughout North America. Other recent investments include: Hydraulic Technologies, a market leader in high-pressure hydraulic tools; Reagent, the #1 specialty distributor of hydrochloric acid in North America; and Handgards, a leading distributor of foodservice products.
Houlihan Lokey, Alantra, and Vedder Price served as advisors to ISS and Wynnchurch on the transaction.
About Industrial Service Solutions:
Founded in 2011 and headquartered in Houston, Texas, ISS provides MRO-focused field, shop, and supply services for a diverse set of industrial markets. The Company’s regional shops are fully equipped to repair, overhaul, and maintain all process and rotating equipment types, brands, and applications. ISS also provides design, manufacturing, and nationwide field services with in-house engineering support. For more information, please visit: https://iss-na.com.
About Wynnchurch Capital:
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with an affiliate in Canada, was founded in 1999 and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch manages a number of private equity funds with $9.2 billion of regulatory assets under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. For more information, please visit: www.wynnchurch.com or follow us on LinkedIn.
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CONTACT: For new investment opportunities please contact:Mike Teplitsky
Partner
mteplitsky@wynnchurch.com
646-373-6373Scott Fitch
Partner
sfitch@wynnchurch.com
310-933-5007
KEYWORD: ILLINOIS UNITED STATES NORTH AMERICA CANADA
INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES OTHER MANUFACTURING FINANCE MACHINERY BANKING PROFESSIONAL SERVICES MANUFACTURING BUSINESS
SOURCE: Wynnchurch Capital, L.P.
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