Align Capital Partners (“ACP”) announced today that its portfolio company SEAM Group (the “Company”) has entered into a definitive agreement to be acquired by ABB. SEAM Group is a provider of energized asset management and advisory services to over 3,000 customer sites across the industrial and commercial building markets. The transaction is subject to regulatory approval and expected to close in Q3 2024.
Headquartered in Beachwood, Ohio, SEAM Group provides customers holistic advisory, training and technology solutions including electrical safety, predictive maintenance programs, reliability consulting and repair services; each supported by patented software systems ensuring program metrics. ACP’s initial investment in the SEAM Group platform came via the acquisition of Lewellyn Technology in 2017. During the partnership, SEAM Group experienced strong organic growth and scaled operations through three add-on acquisitions.
“I am incredibly proud of the team at SEAM Group and the business transformation that occurred over the span of our partnership,” said Chris Jones, Co-Founder and Managing Partner at ACP. “Together with management, we more than tripled employee headcount to support an expanded service offering designed to help customers increase safety and reliability in their organizations.” Today, SEAM Group supports more than 1 million assets for over 800 active clients.
“SEAM Group is another great example of the operating toolkit and growth resources ACP can provide to industrial services companies,” added Senior Operating Partner Dave Tiley. “During the partnership, ACP helped fuel organic growth by investing in Company’s operating systems, expanding internal talent and supporting new sales and marketing strategies.” This marks ACP’s fourth exit in the broader testing, inspection and compliance services space since 2016.
“ACP has been a thoughtful and highly engaged growth partner for SEAM Group as the business transitioned from a small team focused primarily on safety training and inspection services, to one of the country’s largest providers of energized asset management and advisory services helping customers navigate energy transition,” said SEAM Group CEO Colin Duncan. “The depth of talent and industry expertise that exists within SEAM Group today positioned us as the right business to support ABB’s growing focus on electrification services in the US.”
ACP Vice President Dave Modi and Senior Associate Vijay Senthilkumar worked alongside Jones and Tiley on the SEAM Group investment. Lincoln International LLC and Cowen and Company, LLC acted as financial advisors to SEAM Group and Calfee, Halter & Griswold LLP served as legal counsel to the Company.
About SEAM Group
SEAM Group is a global leader in energized asset performance focused on delivering safety, reliability and maintenance solutions to some of the world's largest companies. Inspecting more than one million assets annually, SEAM Group offers a proven platform combining strategic advisory, custom training, advanced technology and actionable data management to position customers for success. For more information, visit seamgroup.com.
About Align Capital Partners
Align Capital Partners is a growth-oriented private equity firm that partners with business owners and management teams to create shared success. ACP manages $1.5 billion in committed capital with investment teams in Cleveland and Dallas. ACP brings experience and resources to help lower-middle market companies accelerate their growth, to the benefit of management, employees and the firm’s investors. ACP makes control investments in differentiated companies within the business services, technology, specialty manufacturing and distribution sectors. For more information, visit aligncp.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240220883857/en/
Contacts
Katie Noggle
216-505-6463
knoggle@aligncp.com
