American Industrial Partners’ Brock Group completes acquisition of Aegion’s energy services businesses: Brinderson, Schultz and AllSafe
NEW YORK and HOUSTON, November 2, 2022 /PRNewswire/ — American Industrial Partners (“AIP”) and The Brock Group (“Brock“) today announced the acquisition of Aegion Energy Services (“AES”), headquartered in Rancho Dominquez, California.
AES, with its leading brands, Schultz, Brinderson and AllSafe, and a high-quality workforce of 2,000 people, is a leading provider of critical energy infrastructure services in maintenance services, recovery, construction and security in markets along the west coast, Montana and Utah.
Brock (acquired by AIP in 2017) provides scaffolding, insulation, painting and asbestos removal services to the industrial, oil and gas, power generation, petrochemical and nuclear markets in through United States and Canada. The company continued to grow its footprint by adding additional market segments including food and beverage, pharmaceutical and municipal. In 2018, Brock acquired Advanced Thermal Corporation to strengthen its insulation business by adding removable cover systems as a core product offering. The addition of the Schultz, Brinderson and AllSafe brands brings to Brock a mechanical services capability with long term relationships with blue chip customers. The combined Brock Group companies will provide customers with a “two expert” business model with the scale to drive reduced cost benefits across all service offerings. It will also allow the expansion of geographic and industrial markets.
Randall Swift, Partner at AIP, said, “The combined entities create a powerful business that will have the scale, expertise and a strong balance sheet to serve a diverse client portfolio. “I believe The Brock Group is well positioned to serve customers with additional service offerings and with a larger footprint across United States and Canada,” added Kip GaryPresident and CEO of The Brock Group.
Terms of the transaction were not disclosed. Fredrikson & Byron, PA acted as legal counsel to Brock. Shearman & Sterling LLP acted as legal advisors to Aegion
About The Brock Group:
The Brock Group is a leading provider of specialized multi-business services to companies operating in the industrial sector. With the head office located at Houston, TXthe company serves a diverse customer base in the petrochemical, refining, power generation, offshore, heavy manufacturing, pipeline and transmission, nuclear, pulp and paper, LNG and pharmaceutical companies that operate across United States and Canada. With about $1.3 billion in revenue and over 10,000 employees, the company supports routine maintenance, overhauls and capital projects by providing services such as scaffolding/work access, insulation , coatings/coatings and asbestos removal, as well as additional associated services required by our customers. Brock has been in this business for more than 75 years, which has fostered long-standing relationships with a wide range of customers, including some of the largest Fortune 500 companies supporting critical infrastructure across North America. For more information on Brockvisit www.brockgroup.com.
About US Industry Partners:
American Industrial Partners is an operations-oriented private equity firm that makes control investments in industrial companies serving domestic and global markets. The company is deeply rooted in the industrial economy and has been active in private equity for over two decades. To date, AIP has completed over 100 transactions and currently has over $7 billion of assets under management on behalf of leading pension, endowment and financial institutions. For more information on the AIP, visit www.americanindustrial.com
SOURCE The Brock Group