Funds advised by Searchlight Capital Partners LP, a global private investment firm, has agreed a definitive agreement to acquire a majority stake in Integrated Power Service, a provider of industrial aftermarket services. Searchlight acquired the company from funds advised by Odyssey Investment Partners LLC.
“IPS is in the midst of accelerated growth of its capabilities to provide industry-leading aftermarket solutions across a range of essential infrastructure equipment for our broad base of customers,” said John Zuleger, chief executive officer of IPS. “We would like to thank Odyssey, whose partnership and investment in IPS have created significant value for the business. We now look forward to partnering with Searchlight during this exciting time of growth and transformation.”
Elliott Weinstein, managing director at Searchlight, commented, “We are excited to partner with the senior leadership team at IPS who has established a track record of operational excellence and positioned the company as a leader in its field. Going forward, IPS has a unique growth opportunity in existing and new markets as well as across the types of equipment serviced.”
Eric Zinterhofer, a founding partner of Searchlight, added, “The diverse and highly re-occurring nature of IPS’ customer base illustrates the differentiated service quality that the Company is able to provide its customers. With a proven management team and a superior customer value proposition, IPS has an exciting opportunity to continue its strong growth trajectory in a fragmented market.”