CLEVELAND and BOSTON, Aug. 9, 2022 /PRNewswire/ -- MPE Partners ("MPE" or "Morgenthaler Private Equity"), along with portfolio company Motor-Services Hugo Stamp, Inc. ("MSHS") announced the acquisition of Pacific Power Group, LLC ("PPG" or the "Company"). PPG is an industry leading provider of products, parts, and maintenance, repair, and overhaul ("MRO") services for marine, energy, commercial, and industrial equipment.
MPE and MSHS partnered in the transaction with members of PPG's management team, led by Bill Mossey. David Santamaria, CEO of MSHS, said, "For over 30 years, PPG and MSHS have strived to be their clients' trusted partners and recognized for their customer-centered mindset and a deep commitment to a set of common core values. PPG and MSHS are extremely complementary companies with similar ways of working."
Joe Machado, Partner at MPE, added, "We are thrilled to bring together PPG and MSHS to accelerate the growth opportunities of the merged businesses. The combination expands each company's technical talent base, geographic footprint, product offerings, MRO service capabilities, and end-markets to better serve customers."
Bill Mossey, President of PPG, noted, "I am especially excited about how the scale of these firms together enables expanded recruiting and training, which allows us to broaden our technical services. Through an expanded investment in this area, we will strive to become more capable and have greater capacity to solve our customers' challenges and allow them to focus more on their businesses."
Forbright Bank and City National Bank of Florida provided financing to support the transaction. BakerHostetler served as legal advisor to MPE. Cascadia Capital acted as the investment banking advisor to Pacific Power Group. Terms of the transaction were not disclosed.
About Pacific Power Group
Headquartered in Vancouver, WA, PPG is an industry leading provider of products, parts, and maintenance, repair, and overhaul ("MRO") services for marine, energy, commercial and industrial equipment. For more information, please visit www.pacificpowergroup.com.
About Motor-Services Hugo Stamp, Inc.
Headquartered in Fort Lauderdale, FL, MSHS is a leading independent, third-party MRO services provider for marine and power generation applications. For more information, please visit www.mshs.com.
About MPE Partners
MPE Partners ("MPE" or "Morgenthaler Private Equity") seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with transaction values up to $250 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit www.mpepartners.com.
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SOURCE MPE Partners