APE Cos, backed by Ridgemont Equity Partners has acquired Corrosion Specialties Inc. for an undisclosed amount, to expand into the Southeast.
Corrosion, based in Duluth, Georgia, distributes corrosion control and safety equipment such as scrapers and blasters. The target’s products are used by companies in the transportation, manufacturing and energy sectors.
APE provides industrial surface preparation equipment including air dryers, sprayers and dust collectors. The company’s other subsidiaries include Abrasive Products & Equipment, BKW Environment and Sharpjet. Ridgemont invested in APE in 2014.
“This addition to our partnership will further propel the growth of APE through geographic market expansion into the Southeast, end user diversification and a larger product and service offering,” says APE CEO Kevin Willis.
Ridgemont raised its second fund in 2015 with $995 million in capital commitments. Also in 2015, the firm acquired logistics provider Unishippers Global Logistics. Charlotte, North Carolina-based Ridgemont usually invests $25 million to $100 million in companies that have up to $30 million in Ebitda.