Action Equipment & Scaffold Company and Waco Scaffolding & Equipment Company Have Completed a Majority Recapitalization with Gemini Investors

HOUSTON, April 13, 2021 – GulfStar Group (“GulfStar”) is pleased to announce the majority recapitalization of Action Equipment & Scaffold Company, Inc. and Waco Scaffolding & Equipment Company (“Action Scaffold” or the “Company”) by Gemini Investors (“Gemini”). GulfStar served as the exclusive financial advisor to Action Scaffold throughout the transaction, which closed in December 2020.

Action Scaffold was founded in 1953 and operates as a leading provider of scaffolding rental equipment and services in its Southwest market. The Company brings industry leading experience on scaffolding products and safety, which has defined them as a top scaffold rental and erection business over the last 70 years. The Company understands the demands that scaffold dealers and contractors face, and accordingly provides its customers with quality products and services to meet stringent market requirements. Since 1953, Action Scaffold has built strong, long-lasting relationships in its region amongst industrial and commercial end users. As one of the founding members of the Scaffold & Access Industry Association, Action Scaffold continues to be a leader in the scaffold industry.

Waco Scaffolding & Equipment Company serves as the Colorado division of Action Scaffold and operates primarily out of facilities in Colorado Springs and Denver. Similar to Action Scaffold, Waco rents scaffolding, suspended access systems, steel shoring, horizontal aluminum beams, and many accessories. Waco also provides professional OSHA and SAIA certified training.

“I am very excited to partner with Gemini as we head into the next chapter of our business growth and success,” said Howard Schapira, CEO of Action Scaffolding. “Their portfolio of companies and 25+ year track record demonstrates continued support and successful achievements for the companies they have partnered with. I am also extremely grateful to Colt and the team at GulfStar for their professionalism and persistence in getting us the best possible outcome in this process.”

“We are thrilled to be partnered with Howard and the team at Action, especially given the Company’s longstanding history in the Arizona and Colorado markets, and their brand recognition in the scaffolding rental industry,” said Jimmy Rich, managing director of Gemini. “We have been active investors in rental businesses, and are excited to leverage some of that knowledge to help supplement Action’s growth plan in the years ahead.”

Founded in 1993, Gemini is a Massachusetts-based private investor in smaller middle market companies. Since its inception, Gemini has invested over $850 million in more than 150 companies throughout the United States.

“We are grateful for the opportunity to have worked with Howard and his family on the successful completion of this transaction with Gemini,” said Colt Luedde, managing director of GulfStar. “The multi-generational, 70-year story and legacy of Action Scaffolding makes this a particularly special transaction on which to have worked. Howard, his family, and their team have been deeply woven into the fabric of the scaffolding industry for decades and played a critical role in the development of safety standards and best practices that persist to this day. We are proud to have represented them in this important transaction and delighted that they will continue to build their business in partnership with Gemini and wish both parties ongoing success.”

The GulfStar team was led by Managing Director Colt Luedde along with Vice President Alex Pette, Associate Andrew Winters and Analyst Jay Lee.

About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 700 transactions in 36 states and 16 foreign countries across a variety of industries.