American Industrial Partners' Brock Group Completes Acquisition of Aegion's Energy Services Businesses: Brinderson, Schultz & AllSafe

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Nov 02, 2022, 18:30 ET

NEW YORK and HOUSTON, Nov. 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, CA.

AES, with its premier brand names, Schultz, Brinderson and AllSafe, and a high quality 2,000 strong workforce, is a leading provider of critical services for energy infrastructure in the maintenance, turnaround, construction and safety services in markets along the West Coast, Montana and Utah.

Brock (acquired by AIP in 2017) provides soft-craft services of scaffolding, insulation, paint and asbestos abatement to industrial, oil and gas, power generation, petrochemical and nuclear markets across the United States and Canada. The business has continued to grow its footprint by adding additional market segments, including in the food & beverage, pharmaceutical, and municipality industries. In 2018, Brock acquired Advanced Thermal Corporation to strengthen its insulating business by adding removeable blanket systems as a core product offering. The addition of the Schultz, Brinderson and AllSafe brands brings to Brock a mechanical services capacity with long-term relationships with blue chip customers. The combined Brock Group companies will provide customers a "two-expert" business model with the scale to drive reduced cost benefits across the spectrum of service offerings. It will also enable geographical and industry markets expansion.

Randall Swift, Partner at AIP, said, "The combined entities create a powerful business that will have the scale, expertise, and a strong balance sheet with which to serve a diverse customer portfolio." "I believe that the Brock Group is well positioned to serve customers with additional service offerings and with a bigger footprint across the United States and Canada," added Kip Gary, President and CEO of Brock Group.

Terms of the transaction were not disclosed. Fredrikson & Byron, P.A. acted as legal advisor to Brock. Shearman & Sterling LLP acted as legal advisors for Aegion

About the Brock Group:

The Brock Group is a leading provider of multi-craft specialty services to businesses operating in the Industrial Sector. With headquarters located in Houston, Texas, the company services a diverse customer base from the petrochemical, refining, power generation, offshore, heavy manufacturing, pipelines and transmission, nuclear, pulp and paper, LNG, and pharmaceutical businesses who operate throughout the United States and Canada. With approximately $1.3 billion in revenue and 10,000+ employees, the Company supports routine maintenance, turnarounds and capital projects by providing services including scaffolding / work access, insulation, coatings/linings, and asbestos abatement, as well as additional associated services required by our customers. Brock has been in this business for 75+ years, which has fostered long standing relationships with a broad array of customers including some of the largest Fortune 500 companies that support critical infrastructure throughout North America. For more information on Brock, visit www.brockgroup.com.

About American Industrial Partners:

American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing for over two decades. To date, AIP has completed over 100 transactions and currently has more than $7 billion of assets under management on behalf of leading pension, endowment, and financial institutions. For more information on AIP, visit www.americanindustrial.com

SOURCE The Brock Group