Argosy Private Equity Successfully Exits Investment in Groome Industrial Service Group

Argosy Private Equity Exits Its Investment in Groome Industrial Service Group

Argosy Private Equity, a private equity firm known for its investments in lower middle market companies, has recently announced its successful exit from Groome Industrial Service Group. Founded in 1969 and based in Denville, New Jersey, Groome specializes in providing critical maintenance services across various sectors, including power generation, manufacturing, construction, marine, and aviation. The company has built a strong reputation for its commitment to safety, quality, and collaboration, which has helped it forge long-lasting relationships with clients nationwide.

Groome Industrial offers an extensive array of services that include HRSG and catalyst maintenance, industrial cleaning, surface preparation and coatings, as well as hangar door design and maintenance. Their versatile offerings position Groome uniquely, allowing customers to optimize equipment performance and prolong asset lifespans.

Argosy first partnered with Groome in September 2019, implementing its proprietary Value Acceleration Methodology (VAM™) to enhance the company's growth strategies. During this collaboration, significant initiatives were undertaken, such as broadening Groome's geographic reach, diversifying its service offerings, and pursuing strategic acquisitions. Notable acquisitions during this period included ExPro, Blasting Solutions, and W-S Companies. Collectively, these efforts resulted in a staggering growth of over 900% in EBITDA during Argosy's hold period, underscoring the effectiveness of their partnership.

Keven Shanahan, Managing Partner of Argosy Private Equity, commented on the partnership's success, stating, "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."

Lane Wiggers, also a Managing Partner at Argosy, elaborated on the collaboration: "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."

President and CEO Jeff Bause expressed pride in Groome's evolution over the past two decades, emphasizing the company's strong culture and shared commitment to excellence. He noted the invaluable support Groome received from Argosy in advancing their mutual objectives, which he believes have positioned the company for future successes.

As Groome Industrial Service Group moves forward, it will continue leveraging its extensive experience and expertise to maintain its leading position in the industry. The company's unique turnkey services aim to reduce harmful emissions, boost plant efficiency, and extend the lifespan of valuable industrial equipment.

For nearly 30 years, Argosy Private Equity has been dedicated to the growth and professionalization of U.S. manufacturing and business services, particularly family- or founder-owned companies. With a diverse investment portfolio encompassing 135 investments and over $1.1 billion in assets under management, Argosy remains focused on partnering with businesses that show significant growth potential.

In conclusion, the successful exit of Argosy from Groome Industrial Service Group not only highlights the strategic initiatives implemented during their partnership but also underscores Groome's commitment to excellence in delivering specialty maintenance services across multiple industries. As both companies look toward future growth, their collaboration has set a strong foundation for sustainable success in a competitive marketplace.

For more information on Groome Industrial Service Group, visit Groome Industrial. To learn more about Argosy Private Equity, go to Argosy Private Equity.