Chicago-based investment firm Rising Point Capital has acquired Conco Holdings, which is located in the Pittsburgh area. Tecum Capital Partners and UMB Capital Corp. provided subordinated debt and equity to support the transaction. The investor group also partnered with the Saxon-Godish Family and existing management team, who will remain with Conco and retain a significant stake.
Financial terms of the transaction were not disclosed.
Founded in 1923, Conco provides low-pressure, mechanical heat exchanger tube cleaning and non-destructive testing services to power generation and industrial companies.
The Saxon-Godish Family, who has owned and operated Conco since 1971, partnered with the investor group to guide the company through its next stage of growth.
“My family and I are thrilled to bring in partners whose culture and values align with what we have built for nearly 50 years,” CEO Ed “Gunner” Saxon stated. “We are excited to capitalize on our many growth opportunities while maintaining a culture of safety and quality. With the financial and operational support of the investor group, the company expects to execute on key strategic priorities, including enhanced growth within industrial customers, investment in back-office support, expansion of service offerings and upgrading of enterprise resource planning systems.”
The investor group was supported by S&T Bank providing senior debt financing for the transaction. Reynolds Advisory Partners LLC served as the exclusive sell-side adviser to Conco.
