Location

Milwaukee, WI

Industry

Industrials

Investment Status

Realized

Investment Date

Nov 2016

Realized Date

Sep 2021

Sold to

Levine Leichtman Capital Partners

Website

www.inplace.com

Company Information

Investment Thesis

Platte River Value Add

Company Information

  • Founded in 1976, IPM is the premier provider of on-site precision field machining, diamond wire cutting, metrology and specialty welding
  • IPM services critical infrastructure and equipment in the field for a wide variety of end markets including marine, defense, hydro, metal production, nuclear decommissioning and power generation
  • Family-owned business looking for a partner to help accelerate growth and provide a leadership succession path

Investment Thesis

  • Industry: Increasing demand for field services due to aging infrastructure, accelerating trend toward outsourcing repairs, extended lead times for new equipment and a shortage of technical labor
  • Opportunity: Invest in a globally recognized brand with significant intellectual property
  • Strategy: Recruit key senior managers, expand service offering, broaden geographic reach and leverage IPM’s proprietary business system

Platte River Value Add

  • Hired CEO, CFO, VP of Operations, VP of Sales & Marketing and numerous mid-level managers
  • Expanded service locations from two to nine
  • Completed two add-on acquisitions that expanded breadth of services and increased market opportunity
  • IPM net sales grew 82%, profit margins expanded by 700bps and EBITDA more than doubled
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