BOSTON–(BUSINESS WIRE)–October 21, 2016–
Warren Equity Partners, a middle market private equity firm, is pleased to announce its partnership with Jay Cashman, whereby Warren Equity has acquired a majority interest in IPC Lydon, LLC (“IPCL” or the “Company”). IPCL is a highly disciplined industrial services business specializing in maintenance, repair and upgrade services to the material handling, power generation, wastewater treatment and general industrial markets. IPCL, based in Avon, MA, was previously a wholly owned subsidiary of Jay Cashman Inc. (“Cashman”), one of the largest and most reputable heavy civil and marine contractors in the United States. Jay Cashman, Chairman and owner of Cashman, will retain a significant equity interest in the Company. Terms of the transaction were not disclosed.
IPCL is a leading provider of maintenance, repair and upgrade services for mechanical systems and process equipment used in airports, distribution centers, power plants, co-generation plants, and wastewater treatment facilities. The management team at IPCL, led by John Burke and Jim Lydon, has significant expertise in large-scale baggage handling system maintenance and installation, turbine maintenance, CHP plant design and installation, and power plant outage services. Through decades spent operating in these sectors, IPCL has earned a reputation for delivering high caliber service with honesty and integrity in a safe and timely manner within complex work environments.
John Burke, President of the Company, commented, “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,” said Jay Cashman, Chairman of Cashman. “We look forward to capitalizing 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,” said 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.”
Jay Cashman and Andrew Goldberg, CFO of Cashman, will join Scott Bruckmann, Henrik Dahlback and Steven Wacaster from Warren Equity on the board of directors.
This transaction is Warren Equity Partners’ third investment in 2016.
King & Spalding LLP acted as legal advisor to Warren Equity Partners. Pierce Atwood LLP acted as legal advisor to IPC Lydon, LLC.
About IPC Lydon, LLC
IPC Lydon, headquartered in Avon, MA, is an industrials services company providing mechanical engineering services to the material handling, power generation, water and wastewater treatment and industrial markets. More information about IPCL is available at www.ipclydon.com/.
About Warren Equity Partners
Warren Equity Partners is a private equity firm that invests in small and middle market operating companies primarily in North America. The firm invests in established companies where additional capital and operating resources can accelerate growth, targeting companies in the industrial, infrastructure, energy and business services sectors. Warren Equity invests in the form of buyouts, growth equity, and recapitalizations. For more information, please visit www.warrenequity.com.
About Jay Cashman, Inc.
Over the past 42 years, Cashman has successfully completed some of the most challenging and significant construction projects in North America. From the deepest soil mixing project ever performed to the largest environmental dredging project in U.S. history, Cashman has always delivered. We pride ourselves in understanding our client’s needs, meeting their objectives and executing with professionalism, applied expertise and with the highest level of safety. When it comes to Heavy Civil, Marine, Dredging — or Wind Power, there is no better choice than Cashman. For more information, visit www.jaycashman.com.
Jay Cashman, Inc.
Marty Mahoney, 857-403-0123