Key Takeaways
- • Blue Point Capital Partners and its portfolio company Restoration Systems Inc. (RSI) announced the acquisition of Wells Masonry Restoration, Inc., an Indiana-based exterior façade and masonry restoration provider founded in 2002.
- • The transaction is RSI's first acquisition under Blue Point's ownership and extends RSI's footprint into Indiana, per the Business Wire release.
- • Wells Masonry serves commercial, multifamily, healthcare and government end markets, adding technical talent and a new geographic base to RSI's Midwest platform.
- • Blue Point, which manages over $1.8 billion in committed capital and typically invests in businesses with $30M to $300M in revenue, says RSI will pursue further organic growth and additional acquisitions.
- • The deal financial terms were not disclosed in the release.
Summary
Blue Point Capital Partners ("Blue Point") and its portfolio company Restoration Systems Inc. ("RSI"), a Midwest provider of building repair and restoration services, announced the acquisition of Wells Masonry Restoration, Inc. ("Wells Masonry"), according to a Business Wire release datelined Cleveland. The transaction is RSI's first acquisition since Blue Point took ownership, and it expands the company's footprint into Indiana. The release did not disclose the purchase price or other financial terms.
Wells Masonry, founded in 2002 and based near Indianapolis, provides masonry restoration and building envelope services across commercial, multifamily, healthcare and government end markets. Blake Dronen, CEO of RSI, said the deal combines two businesses with complementary capabilities and shared values, and that it allows RSI to offer its façade and parking structure expertise to customers in a new market. Rick Wells, President of Wells Masonry, said joining RSI creates new opportunities for employees and additional resources for customers.
The release frames the acquisition against aging infrastructure across the Midwest, which the companies say is driving demand for building restoration services. The combination is intended to give RSI greater project capacity and a broader service offering. Brian Castleberry, Partner at Blue Point, said Wells Masonry is "exactly the type of business we envisioned RSI partnering with as we build a leading platform," and that Blue Point sees significant opportunity for further organic growth and additional acquisitions.
RSI, founded in 1997, specializes in concrete and masonry repair, waterproofing and related services for building façades and parking structures. RSI said it is actively seeking complementary partnerships with façade and parking structure restoration operators, and directed interested business owners to Megan Kneipp Ludwick, Managing Director, Business Development at Blue Point. Blue Point describes itself as a private equity firm focused on lower middle-market businesses.
Wells Masonry, founded in 2002 and based near Indianapolis, provides masonry restoration and building envelope services across commercial, multifamily, healthcare and government end markets. Blake Dronen, CEO of RSI, said the deal combines two businesses with complementary capabilities and shared values, and that it allows RSI to offer its façade and parking structure expertise to customers in a new market. Rick Wells, President of Wells Masonry, said joining RSI creates new opportunities for employees and additional resources for customers.
The release frames the acquisition against aging infrastructure across the Midwest, which the companies say is driving demand for building restoration services. The combination is intended to give RSI greater project capacity and a broader service offering. Brian Castleberry, Partner at Blue Point, said Wells Masonry is "exactly the type of business we envisioned RSI partnering with as we build a leading platform," and that Blue Point sees significant opportunity for further organic growth and additional acquisitions.
RSI, founded in 1997, specializes in concrete and masonry repair, waterproofing and related services for building façades and parking structures. RSI said it is actively seeking complementary partnerships with façade and parking structure restoration operators, and directed interested business owners to Megan Kneipp Ludwick, Managing Director, Business Development at Blue Point. Blue Point describes itself as a private equity firm focused on lower middle-market businesses.
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