One Equity Partners, a middle market private equity firm, has agreed to acquire the North American operations of Ameco, a provider of construction equipment, scaffolding, small tools management and total site services, from Fluor Corp. for $73 million.
“We are thrilled to be partnering with Gary and the entire Ameco team on this next phase of the Company’s development as an independent entity,” said Joseph Huffsmith, managing director, OEP. “For over 70 years Ameco has been helping customers manage their most complex equipment and site service needs. Working with the management team, we look forward to building upon that legacy.”
“We’re excited about our partnership with OEP, a firm with an excellent reputation and proven experience in building industrial services businesses into market leaders,” said Gary Bernardez, CEO of Ameco. “We are looking forward to leveraging AMECO’s significant experience on construction sites and operating facilities to more broadly serve the market as we transition to an independently-operated business.”
OEP has a track record of acquiring businesses across its core sectors, including industrial companies through corporate carve-outs. OEP acquired ORS Medco, a wholesaler of maintenance and repair focused non-discretionary and consumable industrial and automotive aftermarket products, from Essendant Inc. in October 2019; and Walterscheid Powertrain Group, a provider of original equipment and aftermarket parts and services for off-highway powertrain applications, from GKN Ltd. in June 2019, among others.
CMD Global Partners served as financial advisor and Baker & McKenzie LLP as legal counsel to OEP, while KPMG LLP served as accounting and tax advisor. PNC Capital Markets LLC is providing debt financing for the transaction.