Affiliated Power Services, LP Has Been Acquired by Cleaver-Brooks, Inc.
HOUSTON, July 21, 2014 - GulfStar Group ("GulfStar") is pleased to announce the sale of Affiliated Power Services, LP (“APS” or the “Company”) to Cleaver-Brooks, Inc. (“Cleaver-Brooks”), a corporation owned by Harbour Group. GulfStar served as the exclusive financial advisor to APS throughout the transaction, which closed on June 30, 2014.
Headquartered in Houston, APS is the holding company for a portfolio of companies focused on providing industrial, commercial and marine repair and maintenance services throughout the Southwest United States. With more than 70 years of industry experience, an immaculate safety record, and full service capabilities, APS has established itself as an industry leader in its core service categories, including value-added turnkey industrial and commercial boiler services as well as marine vessel repair and maintenance. The Company maintains locations in Dallas, Houston, and Corpus Christi, Texas, as well as an independent shipyard facility in Channelview, Texas.
“APS is very fortunate to have worked with Tom Hargrove and Justin Moers of GulfStar Group,” said Gregg Snyder, President of APS. “GulfStar did a great job guiding the Company through the process. APS’ partnership with Cleaver-Brooks increases the Company’s service offerings and geographic locations.”
Based in Thomasville, GA, Cleaver-Brooks is a leading global designer and manufacturer of fully-integrated proprietary boiler room systems, in which boilers, burners, controls, components and accessories have been engineered to work together seamlessly at peak energy and efficiency. In addition to its Thomasville headquarters, Cleaver-Brooks has nine other facilities in Wisconsin, Nebraska, Texas, Mexico, Canada and China.
“We are excited to add APS to the Cleaver-Brooks and Harbour Group families,” said Jeff Fox, Chairman and CEO of Harbour Group. “The combination of the outstanding sales and service organization of APS and the market leading boiler room products of Cleaver-Brooks is sure to be a winning combination for both companies and the employees and customers of APS and Cleaver-Brooks. We appreciate the GulfStar team’s integrity, their straightforward approach, and the experienced perspective that they provided to APS throughout this process.”
The GulfStar team included Managing Director Tom Hargrove, Vice President Justin Moers and Analyst Nico Gayle. “GulfStar was pleased to represent Byron and Gregg Snyder, and the rest of the APS team in this important transaction,” said Hargrove. “We also appreciated the professionalism Harbour Group demonstrated throughout the acquisition process.”
About Harbour Group
Harbour Group is a privately owned operating company based in St. Louis, MO. Harbour Group and its companies are engaged in manufacturing, distribution, and specialty services in multiple industries, including flow and energy measurement, boiler systems, professional diagnostic and repair tools, specialty LED systems, niche distribution, logistics services, decorative kitchen and bath hardware, abrasives, diamond-cutting products and related tools, entertainment and music products, and auxiliary plastic processing equipment. Since its founding in 1976, Harbour Group has acquired 175 companies in 37 different industries.
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 approximately 600 transactions in more than 30 states and 10 foreign countries across a variety of industries.
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