CenterGate Capital Successfully Transfers Mid-State Maintenance

CenterGate Capital Completes Sale of Mid-State Industrial Maintenance

CenterGate Capital, an established private equity investment firm, is excited to announce the successful sale of its portfolio company, Mid-State Industrial Maintenance, to ONCAP, a prominent private equity platform of Onex Corporation. This move signifies a strategic expansion in the industrial maintenance sector.

Background on Mid-State Industrial Maintenance

Founded in 1973, Mid-State has established itself as a top-tier provider of maintenance, repair, and overhaul (MRO) services tailored for industrial equipment and infrastructure. With its operations primarily focusing on critical sectors in the Southeast and Midwest regions, Mid-State plays a vital role in maintaining operational efficiency for clients in industries susceptible to failure cost implications, including utilities, chemical processing, food and beverage, and renewable energies.

Insights from Leadership

Tim Liu, Managing Director of CenterGate, shared that partnering with Shawn Toney and the Mid-State executive team was a rewarding experience. He remarked on how the Company grew into a distinct industrial services platform during their collaboration. This value creation exemplifies CenterGate's ongoing commitment to supporting the management teams within its portfolio. He expressed confidence that Mid-State will build on its successful history and looks forward to monitoring the company's future trajectory.

Achievements Under CenterGate's Leadership

For his part, Mid-State’s CEO Shawn Toney expressed immense pride in the team’s accomplishments. Under CenterGate's guidance, they managed to dramatically enhance their revenue, broaden their service offerings, and extend their market reach, all while remaining dedicated to maintaining exemplary safety and service quality for their customers.

Role of Advisors in the Transition

The sale process was supported by J.P. Morgan Securities LLC, which acted as the exclusive financial advisor. Meanwhile, legal counsel to Mid-State was provided by McDermott, Will & Emery LLP, ensuring a smooth and efficient transaction.

About Mid-State Industrial Maintenance

Mid-State Industrial Maintenance shines as a leading provider of both on-site and off-site service solutions for industrial maintenance. The company has been indispensable for clients in critical sectors such as utilities, power generation, chemical processing, and phosphate mining, among others, throughout the entire United States.

About CenterGate Capital

CenterGate Capital is a seasoned private equity firm managing over $750 million, with a focus on growing lower middle market companies. Their philosophy revolves around partnering with management to create substantial value for stakeholders across their portfolio. With flexible capital, CenterGate tailors investments to meet specific ownership goals and growth strategies, facilitating a pathway for owners to realize their equity while positioning businesses for continued expansion.

Frequently Asked Questions

What is the significance of CenterGate Capital selling Mid-State?

The sale highlights CenterGate's strategic approach to optimizing its portfolio by transitioning ownership to a partner like ONCAP, which specializes in furthering growth.

What services does Mid-State Industrial Maintenance provide?

Mid-State is known for its comprehensive maintenance, repair, and overhaul (MRO) services for a variety of industrial sectors.

How has Mid-State’s growth been characterized?

Under the leadership of CenterGate, Mid-State has significantly increased its revenue, expanded its service offerings, and enhanced its operational scope.

Who advised on the sale process?

J.P. Morgan Securities was the financial advisor, while McDermott, Will & Emery LLP provided legal advice during the sale.

What is the focus of CenterGate Capital?

CenterGate Capital focuses on investing in and nurturing lower middle market companies, partnering closely with management to drive value growth.

About The Author

Greetings, I'm 32-year-old author and financial specialist Evelyn Baker. My introduction into the financial industry started with an economics degree and continued with a wealth of experience in wealth management and financial consulting. My great passion over the years has been assisting people and companies in making wise, well-informed decisions to reach their financial objectives.

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