MPE Partners' portfolio companies Motor-Services Hugo Stamp Inc. and DecoArt LLC have made acquisitions.
Motor-Services Hugo Stamp acquired Pacific Power Group LLC. PPG is an industry leading provider of products, parts, and maintenance, repair, and overhaul services for marine, energy, commercial, and industrial equipment.
MPE and MSHS partnered in the transaction with members of PPG's management team, led by Bill Mossey. David Santamaria, CEO of MSHS, said, "For over 30 years, PPG and MSHS have strived to be their clients' trusted partners and recognized for their customer-centered mindset and a deep commitment to a set of common core values. PPG and MSHS are extremely complementary companies with similar ways of working."
Forbright Bank and City National Bank of Florida provided financing to support the transaction. BakerHostetler served as legal advisor to MPE. Cascadia Capital acted as the investment banking advisor to Pacific Power Group. Terms of the transaction were not disclosed.
DecoArt, of Stanford, KY, acquired Jack Richeson & Co., Inc. of Kimberly, WI. Jack Richeson is a leading manufacturer and distributor of artist materials, including easels, stretcher bars, artist colors, and paper products serving the fine art and education markets.
MPE and DecoArt partnered in the transaction with the Richeson family, who will remain in their roles as leaders of Jack Richeson. Nick Stender, Vice President at MPE, said, "Jack Richeson has developed a reputation for delivering high quality products that exceed customer expectations. We saw a great fit between DecoArt and Jack Richeson and believe their shared capabilities will accelerate the growth of the combined companies."
Benesch, Friedlander, Coplan & Aronoff served as legal counsel for DecoArt. Cornerstone Business Services acted as the investment banking advisor and DeWitt served as legal counsel to Jack Richeson. Terms of the transaction were not disclosed.