TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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January 20, 2022
Source: Lewis and Clark Capital
ST. LOUIS, January 20, 2022 — Ovation Holdings, owners of Allied Valve, Automation Service and Valve Sales Inc., has expanded its array of “brands you know and service you can trust” with the acquisitions of Power Specialties, Inc., PROMAC, Inc., and JMI Instrument Company. The three companies will be merged to form Allied Instrumentation, which will cover seven states in the Midwest, generate over $50 million, and will be led by CEO Barry Shoulders. With these additions, Ovation Holdings now has 15 locations, revenues of $150 million and employs more than 350 people.
The acquisitions are the latest by Ovation Holdings and join two earlier deals in 2021. In March, the Company purchased Edgen Murray Corporation’s Ohio-based Valve Service Business and in April, the Foxboro traditional pneumatic models from Schneider Electric. These moves round out Ovation Holdings’ strategy to offer a broad spectrum of the highest quality process controls while delivering world-class service. The Company now represents top tier product lines in the Midwest from manufacturers including: Baker Hughes, Continental Disc, Groth, Yokogawa, MSA/General Monitors, nVent Raychem, AMETEK Drexelbrook, FLEXIM, and TASI Group.
“It’s exciting to bring the talent and expertise of Power Specialties, PROMAC, and JMI Instrument Company into our family of over 100 certified technicians,” said Jeff Connell, Managing Director of Lewis and Clark Capital. “We are now able to service our customers in the Midwest with valve, actuation, process instrumentation, gas detection and heat trace solutions. This combination creates a Company with unmatched capabilities and best in class product lines in our footprint.”
About Lewis and Clark Capital
Lewis and Clark Capital invests in the lower-middle market, or companies typically that report between $5 million and $50 million in average annual revenue, and in industry sectors such as industrial products and services, business and financial services, food and beverage, value-added distribution, software-as-a-service, and distressed companies with potential for a turnaround.
Media Contact:
Jessie Chapel
Lewis & Clark Partners
Jessie@lacpartners.com
314-651-4915