Argosy Private Equity News

We are pleased to announce that Argosy Private Equity (“Argosy”) has exited its investment in Groome Industrial Service Group (“Groome” or the “Company”).

Founded in 1969 and headquartered in Denville, NJ, Groome Industrial Service Group is a trusted provider of specialty maintenance services across diverse industries including power generation, refining, manufacturing, construction, marine, and aviation. The Company offers a broad range of services such as HRSG and catalyst maintenance, industrial cleaning, surface preparation and coatings, and hangar door design and maintenance. With a strong commitment to safety, quality, and collaboration, Groome supports customers nationwide in optimizing equipment performance and extending asset life.

Argosy partnered with Groome in September 2019 and began implementation of its Value Acceleration Methodology (VAM™). Key initiatives included expanding Groome’s geographic footprint, diversifying service offerings, and pursuing strategic acquisitions, including ExPro, Blasting Solutions, and W-S Companies. These efforts collectively enhanced Groome’s market position and operational capabilities and contributed to growing EBITDA over 900% during Argosy’s hold period.

“Groome’s strategic acquisitions have opened significant new avenues for growth, enabling the Company to better serve its customers and unlock cross-selling opportunities across power and industrial markets,” said Keven Shanahan, Managing Partner of Argosy Private Equity.

“Working alongside Jeff Bause and the Groome team, we have collaborated to expand the sales team, broaden service offerings, and strengthen the finance organization – all contributing to Groome’s strong foundation for sustainable growth and continued operational effectiveness,” said Lane Wiggers, Managing Partner, Argosy Private Equity.

“Over the past two decades, I’ve been proud to see Groome evolve into a well-established, employee-focused organization with a strong culture and shared commitment to excellence,” said Jeff Bause, President & CEO. “Our ongoing collaboration with Argosy has been invaluable in advancing our mutual goals and positioning Groome for future success.”

Baird served as exclusive financial advisor to Groome and Argosy.