Lincolnshire Management's Security Vault Works Appoints Nick Pellegrino as President
Founder Tim Abell Becomes Chairman
LAUREL, Md., March 2, 2020 /PRNewswire/ -- Security Vault Works, Inc. ("SVW"), the largest provider of full-service installations of self-service kiosks and ATMs for financial institutions, today announced that Nick Pellegrino has joined as President, and Founder Tim Abell has transitioned into the role of Chairman.
Pellegrino brings 30 years of operational experience to SVW. He was most recently Executive Vice President and General Manager of Fulfillment and Parcel Services at Newgistics, which was sold to Pitney Bowes in October 2017. In that position, Pellegrino played a key role orchestrating the sale of the company, and he led the post-merger integration while growing the business to nearly $650 million in revenue at the end of 2019.
Prior to Newgistics, Pellegrino served as Senior Vice President of Operations of Inmar Supply Chain Services where he helped clients develop improvements in supply chain efficiency and effectiveness including cost reduction and revenue optimization, competitive differentiation, brand enhancement and protection, risk mitigation and opportunities for sustainability. Earlier in his career he worked for Coca Cola, Nestle and ATC Logistics & Electronics.
"Nick has a wealth of experience integrating and growing businesses, and he will work closely with the team to lead Security Vault Works to a new level," said Abell. "He brings essential skills in organization building and integration that will serve to maximize the benefits of our merger with Powerhouse. We fully expect to capitalize on what makes SVW a great company, and wisely integrate the best of Powerhouse to create an even stronger organization."
Pellegrino will be responsible for all integration strategy and implementation, and he will work closely with the team on day-to-day operations to set a path for growth and scalability.
"Security Vault Works is a great company, and I'm honored to have the opportunity to provide the strategic direction and leadership that will build on past success and accelerate our growth," said Pellegrino. "There is great potential for SVW to develop new, innovative services to better serve our customers and deliver an exceptional customer experience."
Lincolnshire Management, Inc. acquired Security Vault Works, Powerhouse, and One Source Security and Sound ("OS2S") in 2019 to create a leading national platform company providing refresh, remodel and facilities maintenance services to a roster of blue-chip customers nationwide including financial institutions, OEMs of ATMs and other Point-of-Sale ("POS") equipment and property managers. Together, the companies are nearing $500 million in revenues and are the first investment in Lincolnshire Equity Fund V.
"We are very pleased to have an executive of Nick's caliber and experience join as a key member of the Powerhouse team and look forward to having Tim's decades of expertise continuing to support SVW," said T.J. Maloney, Chairman and CEO of Lincolnshire Management.
Pellegrino has a B.S. in Industrial and Management Engineering from Rensselaer Polytechnic Institute.
About SVW and OS2S
Security Vault Work is the largest provider of full-service installations of self-service kiosks and ATMs for financial institutions. Customers include 4 of the top 5 financial institutions, OEMs of ATMs and other Point-of-Sale ("POS") equipment and property managers. Besides additional growth in the financial institution market, Security Vault Works is looking to grow in the food service sector.
About Powerhouse
Powerhouse is a leading, nationwide provider of high-volume, multi-site rollouts and refreshes, as well as recurrent facilities maintenance services. The majority of Powerhouse's work is outsourced to a network of over 10,000 independent subcontractors, and delivered through a tech-enabled, asset-light platform. Powerhouse has primarily served customers in the food service, retail, and hospitality segments and is expanding in the financial and healthcare sector. For more information: https://powerhousenow.com/.
About Lincolnshire Management, Inc.
Lincolnshire Management Inc., founded in 1986, is a private equity firm focused on investing in and acquiring growing middle market companies across an array of industries. Headquartered in New York, Lincolnshire Management invests in acquisitions of private companies, recapitalizations, corporate divestitures, management buyouts and growth equity for public and private companies. Lincolnshire Management manages over $1.7 billion of private equity capital. For more information: www.lincolnshiremgmt.com.
SOURCE Lincolnshire Management
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http://www.lincolnshiremgmt.com
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