Morgan Stanley Capital Partners, the middle-market private equity buyout team within Morgan Stanley Investment Management, has announced the acquisition of The Rapid Group, for undisclosed terms. The deal adds to MSCP's portfolio, which already includes Apex Companies and Olsson.
TRG provides inspection, repair and maintenance services for rotating equipment across municipal, commercial and industrial end markets. Headquartered in Paterson, New Jersey, the company has more than 50 years of operating history. It serves more than 1,800 public- and private-sector customers across New York, New Jersey, Connecticut, Massachusetts, Pennsylvania and Rhode Island. Its services cover pumps, motors, generators, and water and wastewater infrastructure, as well as maintenance, installation and repair work for the municipal, industrial, pharmaceutical and transportation sectors. According to the company, the region has some of the oldest water and wastewater infrastructure in the US.
Eric Kanter, managing director and head of industrial services at MSCP, said the acquisition "underscores MSCP's focus on investing in businesses providing truly essential services." He added that the company's services help customers maintain infrastructure that is fundamental to the operation of municipalities, businesses and institutions.
Kanter said MSCP intends to invest in the company's people and capabilities, expand its geographic reach, and build on its track record of organic growth and strategic acquisitions. Harris Williams was exclusive financial adviser to TRG, and McDermott Will & Schulte was its legal counsel. Latham & Watkins was legal counsel to MSCP, and William Blair was its financial adviser.
Source: PE Hub · Summarized by HeadlinesBriefing