Groome Industrial Service Group, an Argosy Portfolio Company, Acquires Expro Services, Inc.

News provided by

Oct 01, 2021, 09:31 ET

WAYNE, Pa., Oct. 1, 2021 /PRNewswire/ -- Argosy Private Equity, a lower middle market private equity firm, today announced the acquisition of Expro Services, Inc. by Argosy's portfolio company, Groome Industrial Service Group.

Groome provides industrial cleaning and maintenance via the following services: heat recovery steam generator ("HRSG") maintenance; refinery maintenance; hangar door and mechanical systems; surface preparation and coating; and industrial cleaning and support. Groome services over 180 customers in more than 30 states with a concentration in Virginia, New York, and New Jersey. Expro, founded in 1995 and headquartered in Wurtland, Kentucky, provides explosive cleaning services and specializes in removing hardened ash from coal-fired boilers used in power generation by utility companies. The Company also has a smaller location in Humble, Texas and with about 80 employees across both its locations.

The acquisition of Expro will further enhance the growth of Groome by providing increased cross selling opportunities related to explosive cleaning in the petrochemical industry. Expro will also continue to advance Groome's customer service, a key differentiator in power plant maintenance. Additionally, the acquisition of Expro will allow for penetration into the waste-to-energy market.

Integration is already underway. The Groome and Expro 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 continue to grow the combined company.

"We are excited to combine these two great niche businesses in the power generation space. Together they will create cross selling opportunities, in particular with KinetiClean for gas turbine HRSG tube cleaning. The integration of the two companies also offer synergies by uniting the two management teams and company cultures," said Jeff Bause, CEO of Groome.

"We are thrilled about the combination of Groome and Expro. We believe Expro's highly effective kinetic cleaning technology will be of significant interest to Groome's existing customer base," said Keven Shanahan, Partner, Argosy Private Equity.

About Argosy Private Equity

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 $1.9 billion of assets under management. All of the Argosy Capital funds focus on lower middle market investment strategies.

For further information, please visit: Argosy Capital: www.argosycapital.com

Contact:
Argosy Private Equity
Sarah Busch
[email protected]

SOURCE Argosy Private Equity