Groome Industrial Service Group Acquires Blasting Solutions, Inc.

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Mar 28, 2023, 10:36 ET

FAIRFIELD, N.J., March 28, 2023 /PRNewswire/ -- Groome Industrial Service Group, a provider of specialty maintenance services across a range of industrial markets, announced today the acquisition of Utah based Blasting Solutions, Inc.

Groome is a portfolio company of Argosy Private Equity, a lower middle market private equity firm.

Founded in 2002, Blasting Solutions, Inc. (BSI) utilizes controlled explosives primarily to deslag boilers using coal, wood, or fuel oil. BSI supervisors have over 150 combined years in the explosives industry and are committed to providing well-trained and well-equipped explosives professionals with a focus on safety. Headquartered in Syracuse, Utah, BSI has offices in California, Arizona, North Dakota, Florida, Montana, and Georgia, operating in over 20 states.

The acquisition of BSI is expected to further enhance the growth of Groome by increasing capacity to meet higher demand. BSI will also help advance Groome's customer service and add to its existing customer base in the coal-fired power plant and biomass power plant markets.

Jeff Bause, CEO of Groome, stated "We are excited for BSI to join the Groome Team to help support the increased demand we have experienced for our KinetiClean™ service for gas turbine HRSG tube cleaning over the past year. Additionally, BSI's presence on the west coast will help add to our depth of resources and customer service in the region."

"We are thrilled about the combination of Groome and BSI. We believe BSI's focus on research and development, and its experienced professionals differentiate it in the niche market of the explosive industry, and will complement Groome's continued focus on safety, efficiency, and innovation." said Keven Shanahan, Partner, Argosy Private Equity.

Integration is already underway. The Groome and BSI management teams, along with Argosy, are actively working on executing Argosy's Value Acceleration Methodology (VAM™) acquisition toolkit to integrate the operations, realize synergies between the companies, and seek to grow the combined company.

About Groome Industrial Service Group - www.groomeindustrial.com
For over 50 years, Groome Industrial Service Group has provided specialty maintenance services nationwide for several industries including natural gas-fired power generation, coal-fired power generation, refinery, shipping, manufacturing, and aviation. As an industry leader focused on the future, Groome's turnkey services reduce harmful emissions, improve plant performance, and extend the life of valuable industrial equipment. Their experienced in-house labor teams have helped to establish Groome as the maintenance provider of choice.

About Argosy Private Equity - www.argosype.com
Argosy Private Equity, founded in 1990, specializes in providing capital and operating and financial expertise to lower middle market companies across a broad range of industries. Argosy partners with motivated management teams investing in companies with sustainable competitive advantages and attractive growth prospects. Argosy Private Equity is a division of Argosy Capital Group, Inc. ("Argosy Capital") together with Argosy Real Estate Partners, Argosy Credit Partners, Argosy Strategic Partners, and Argosy Healthcare Partners. Argosy Capital is an investment adviser with approximately $3.1 billion of assets under management. All of the Argosy Capital funds focus on lower middle market investment strategies.

CONTACT:
Matt Del Turco
[email protected]
862-359-9877

SOURCE Groome Industrial Service Group