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Argosy Private Equity’s Groome Industrial Service Group Makes an Acquisition
On September 1, 2021, Groome Industrial Service Group (“Groome”), an Argosy portfolio company, acquired Expro Services, Inc. (“Expro” or the “Company”).
Groome provides industrial cleaning and maintenance via the following services: Heat Recovery Steam Generator (“HRSG”) maintenance; refinery maintenance; hangar door and mechanical systems; surface preparation and coating; and industrial cleaning and support. Groome services over 180 customers in more than 30 states with a concentration in Virginia, New York, and New Jersey. Expro, founded in 1995, provides explosive cleaning services and specializes in removing hardened ash from coal-fired boilers used in power generation by utility companies. The Company is headquartered in Wurtland, Kentucky, and has a location in Humble, Texas. Expro has approximately 80 employees across both its locations.
The acquisition of Expro will further enhance Groome’s growth by providing increased cross selling opportunities related to explosive cleaning in the petrochemical industry. Expro will also continue to advance the breadth and depth of Groome’s customer service capabilities, a key differentiator in power plant maintenance. Additionally, the acquisition of Expro will allow for penetration into the waste-to-energy market.
Integration is already underway. The Groome and Expro 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 continue to grow the combined business.
“We are excited to combine these two great niche businesses in the power generation space. Together they will create cross selling opportunities, in particular with KinetiClean for gas turbine HRSG tube cleaning. The integration of the two companies also offer synergies by uniting the two management teams and company cultures,” said Jeff Bause, CEO of Groome.
“We are thrilled about the combination of Groome and Expro. We believe Expro’s highly effective kinetic cleaning technology will be of significant interest to Groome’s existing customer base,” said Keven Shanahan, Partner, Argosy Private Equity.