Milton Street Capital, a Houston-based private equity firm, has formed ProVeyance Group, a manufacturer of conveyance components and subsystems for package and material handling applications. Tim Carpenter will join ProVeyance as CEO.
ProVeyance’s engineering, design and product development capabilities aim to help customers solve challenges, improve employee health and safety and increase throughput. The company’s North American manufacturing footprint looks to enable customers to source products locally to reduce lead times and inventory. ProVeyance will invest in organic growth opportunities and pursue strategic acquisitions to expand its capabilities and product offerings. ProVeyance has made its first two acquisitions of Woodsage LLC and Ashland Conveyor Products.
“I am excited to have the opportunity to partner with Milton Street Capital to grow the ProVeyance platform,” comments Carpenter. “We are already seeing the benefits of the combined capabilities and product offering of our first two acquisitions. ProVeyance is uniquely suited to help our customers meet the challenges of a tight labor market, supply chain disruptions, and rapid e-commerce growth.”