Argosy Private Equity News

We are pleased to announce that Groome Industrial Service Group, a portfolio company of Argosy Private Equity has completed the acquisition of Blasting Solutions, Inc.

Founded in 2002, Blasting Solutions, Inc. (BSI) utilizes controlled explosives primarily to deslag boilers using coal, wood, or fuel oil. BSI supervisors have over 150 combined years in the explosives industry and are committed to providing well-trained and well-equipped explosives professionals with a focus on safety. Headquartered in Syracuse, Utah, BSI has offices in California, Arizona, North Dakota, Florida, Montana, and Georgia, operating in over 20 states.

For over 50 years, Groome Industrial Service Group has provided specialty maintenance services nationwide for several industries including natural gas-fired power generation, coal-fired power generation, refinery, shipping, manufacturing, and aviation. As an industry leader focused on the future, Groome’s turnkey services reduce harmful emissions, improve plant performance, and extend the life of valuable industrial equipment. Their experienced in-house labor teams have helped to establish Groome as the maintenance provider of choice.

The acquisition of BSI is expected to further enhance the growth of Groome by increasing capacity to meet higher demand. BSI will also help advance Groome’s customer service and add to its existing customer base in the coal-fired power plant and biomass power plant end markets.

Jeff Bause, CEO of Groome, stated “We are excited for BSI to join the Groome Team to help support the increased demand we have experienced for our KinetiClean™ service for gas turbine HRSG tube cleaning over the past year. Additionally, BSI’s presence on the west coast will help add to our depth of resources and customer service in the region.”

“We are thrilled about the combination of Groome and BSI. We believe BSI’s focus on research and development, and its experienced professionals differentiate it in the niche market of the explosive industry, and will complement Groome’s continued focus on safety, efficiency, and innovation.” said Keven Shanahan, Partner, Argosy Private Equity.

Integration is already underway. The Groome and BSI management teams, along with Argosy, are actively working on executing Argosy’s Value Acceleration Methodology (VAM™) acquisition toolkit to integrate the operations, realize synergies between the companies, and seek to grow the combined company.

For more information, please contact Keven Shanahan at kshanahan@argosycapital.com