NEW YORK — Soundcore Capital Partners, a control-oriented, New York-based private equity firm that invests in lower middle market businesses, announced Monday that it has completed the acquisition of PumpMan, Inc., a provider of pump system maintenance, repair and new system installation. This is Soundcore's second platform investment and its first of 2016. Terms of the private transaction were not disclosed.
Los-Angeles-based PumpMan was founded in 1976, and serves more than 2,700 customers in the municipal, commercial, industrial and residential markets across Southern California. The pump services industry is comprised of an estimated more than 3,000 "mom and pop" businesses who together account for more than $3.3 billion in annual revenue.
"This acquisition of PumpMan follows our playbook of pursuing a buy-and-build strategy within fragmented industries," saidJarrett Turner, Managing Partner of Soundcore.
"After identifying the pump maintenance sector as a target for investment, we spoke with more than 1,000 companies and selected PumpMan for its market knowledge, service quality and systems, and focus on the end user customer," said Feliks Zarotsky, Managing Partner at Soundcore. "Moreover, the entire team at PumpMan is excited about building on its success and growing the Company."
On closing of the transaction, Don Devine was named new CEO of PumpMan. He brings more than 25 years of leadership experience at global corporations, and deep expertise integrating strategic acquisitions to drive growth. Immediately prior to joining PumpMan, Devine was CEO at World and Main, an omni-channel distributor of home, hardware and building supply products. Devine previously held CEO positions at Custom Building Products and American Standard, and was President and Chief Operating Officer of Jacuzzi Brands.
"Having spent the better part of my career running large, global businesses, it is very exciting to get in on the ground floor with a business like PumpMan," said Devine. "I spent the past six months working with Jarrett, Feliks and the Soundcore team to identify the right business to invest in, and now it's time to put our plan to work."
PumpMan founder Eric Skjarstad will continue in his role as President.
"I'm very proud of the business we built over 40 years and am excited for PumpMan's future under its new ownership," said Skjarstad. "I know that with Soundcore and Don Devine, the Company is in great hands."
Devine, along with Turner and Zarotsky join the PumpMan Board of Directors.