Grand Valley Holdings and Gemspring Capital Acquire OCI

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Sep 27, 2023, 08:58 ET

CINCINNATI and WESTPORT, Conn., Sept. 27, 2023 /PRNewswire/ -- Grand Valley Holdings, LLC, an independent sponsor focused on partnering with family-owned businesses in the Midwest, and an affiliate of Gemspring Capital Management, LLC ("Gemspring"), a middle-market private equity firm, are pleased to announce they have acquired OCI, LLC ("OCI" or the "Company"), a manufacturer of custom-built foundation drilling components primarily for the infrastructure and construction end markets.

The Gemspring investment was made by Gemspring Growth Solutions I, a fund dedicated to providing flexible, non-control capital solutions to middle market businesses. Financial terms of the transaction were not disclosed.

OCI serves as a one-stop-shop for geotechnical contractors' needs, offering a wide product suite of foundation drilling components including steel casing, drill string, hammers, bits, augurs, core barrels, and swivels. The Company also provides value-added services such as consulting, project management, equipment rental, and equipment servicing, positioning the business as a turnkey solution for customers.

"In addition to offering a differentiated suite of products and services, OCI has built a reputation for world-class customer service, with the ability to efficiently manage complex, customized, and time-sensitive projects for its contractor and geotechnical service industry customers," said Lachlan McLean, Founder of Grand Valley Holdings. "In partnership with Gemspring and the OCI leadership team, we intend to continue that legacy of unsurpassed customer support," added Andrew Brennan, Partner of Grand Valley Holdings.

"Over the past 26 years, we've built a best-in-class business with customizable, project-critical products," said Mark Kuenning, Co-Founder of OCI. "Grand Valley and Gemspring bring extensive experience partnering with family-owned businesses and we believe they are the ideal partners to support OCI as we look to expand our footprint and service offerings."

Jay Reynolds, Managing Director at Gemspring, added, "OCI has a long history of providing foundational products and expertise-driven services that deliver tremendous value for customers. We are excited to work with Grand Valley and the talented team at OCI to execute on a shared vision and to build on the Company's 26-year track record of success."

About OCI:
OCI is a marketplace leader in manufacturing a wide range of products to geotechnical service companies and foundational drilling contractors including micropile casing, drill string, hammers and bits, augurs, core barrels, swivels, and other customized products. Founded in 1998, the Company is headquartered in Brookville, PA, and has more than 70 employees. For more information, visit www.ocidivision.com.

About Grand Valley Holdings:
Grand Valley Holdings is a Cincinnati-based acquiror of privately-held, family-owned businesses in the Midwest United States. The Partners of Grand Valley Holdings bring over 35 years of experience acquiring, developing, and operating private businesses. For more information, visit www.gvhllc.com.

About Gemspring Capital:
Gemspring Capital, a Westport, Connecticut-based private equity firm with $3.5 billion of capital under management, provides flexible capital solutions to middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth, value creation and sustainable competitive advantages. Target companies have up to $500 million in revenue and are in the aerospace & defense, business services, consumer services, financial and insurance services, healthcare services, industrial services, software and tech-enabled services, or specialty manufacturing sectors. For more information, visit www.gemspring.com.

CONTACT: Jay Reynolds, [email protected]

SOURCE Gemspring Capital