USA-based lower middle market private equity firm Argosy Private Equity Limited acquired Kentucky, USA-based provider of mission-critical equipment to industrial, utility, and municipal customers, Vac2Go. The company announced the acquisition on March 21, 2023. However, it did not disclose the amount of the transaction.
Purpose of acquisition by Argosy Private Equity
Vac2Go seeks to expand its reach geographically with the acquisition. Meanwhile, it plans to increase its fleet size in order to broaden its customer base in later years.
The acquisition marks the seventh deal for Argosy Private Equity’s sixth lower middle market fund. NewSpring Capital provided mezzanine debt financing and equity co-invest. Besides, Slane Hill Capital served as advisor to Vac2Go, LLC . On the other hand, David Felts from TM Capital served as buy-side advisor to Argosy.
What the Vac2Go officials have to add
Allison Jamison Woosley, CFO of Vac2Go, said, “This is a phenomenal opportunity for Vac2Go. We seek to leverage the best of our customer service and fleet with Argosy’s financial backing and expertise. Argosy was selected as our partner in large part because of their experience in the equipment rental space as well as their Value Acceleration Methodology. We are excited to expand our reach geographically and increase our fleet size, which will allow us to broaden our customer base in the years to come.”
In addition, Matthew Harper, Chief Operating Officer Vac2Go, said, “We continue to see increasing long-term demand for our products and services and look forward to capturing more of the market in alignment with a growth path that is now bolstered by the partnership with Argosy. This partnership will help us achieve new milestones and continue to provide Best in Class services and products to our customer base for many years to come.”
What the Argosy official has to say
Don Charlton, Partner at Argosy Private Equity, further added, “We are excited to be partnering with Vac2Go and its dynamic leadership team. With its specialized rental equipment offerings, technology-driven approach, and well-maintained truck fleet, Vac2Go has become a leader in the relatively new and growing vacuum truck industry. We are looking forward to working with the team and leveraging our prior experience in the industry to help grow the business and continue the expansion of products and services.”
About Vac2Go
Todd Tallon launched Vac2Go in 2011. The USA-based is a provider of mission-critical equipment to industrial, utility, and municipal customers. It also provides repair and maintenance services for vacuum trucks and related equipment at all its facilities. The company boasts offices in Kentucky, Tennessee, Ohio, Alabama, South Carolina, Indiana, and Texas.
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