Subjects: TNM, PDT, LIC
Soundcore Capital Partners Announces Sale of PumpMan
NEW YORK, Dec. 5, 2023 /PRNewswire/ -- Soundcore Capital Partners ("Soundcore") a New York-based private equity firm, is pleased to announce it completed the sale of PumpMan Holdings, LLC ("PumpMan"), a national leader in the service, sales, maintenance, and repair of water and wastewater pumping systems throughout North America, to Harrington Industrial Plastics LLC, a portfolio company of Bain Capital Private Equity.
Headquartered in Saddle Brook, NJ, PumpMan is a provider of pump systems and on-site maintenance & repair services for commercial, industrial, and municipal water pump systems in the United States, focused on serving the needs of pump end-users to optimize the performance and reliability of their systems.
Soundcore initially invested in PumpMan in September 2016 after beginning with a Fresh Idea that turned into a compelling thesis after careful qualification and validation work. Soundcore was compelled by the level of fragmentation and recession resistant nature of industry.
"It was a pleasure to partner with Soundcore Capital Partners in building PumpMan. Our partnership enabled us to build a strong company comprised of great people dedicated to solving our customers' problems in the water and wastewater industries," said Don Devine, CEO of Pumpman.
During Soundcore's holding period, through proactive initiatives including capital expenditures, accretive acquisitions, procurement activities and other organic growth initiatives, PumpMan successfully grew into a leading pump services platform. Soundcore oversaw 14 acquisitions and entered major markets including Northern California, Los Angeles County, San Diego County, Phoenix, Pittsburgh, Philadelphia, Denver, St. Louis, and New York. Soundcore supported management's growth initiatives in investments in people and equipment including adding state-of-the-art camera technology, new 60-ton rigs capable of setting pumps in deep well aquifers, laser alignment tools to ensure systems are operating efficiently; and in a learning management system to support the expansion of the skills of all employees.
"We are proud of our partnership with the PumpMan management team, which successfully executed on Soundcore's platform creation strategy which includes a mix of inorganic and organic growth," said Jarrett Turner, Founder and Managing Partner of Soundcore. "We are pleased with the outcome for our investors. PumpMan is well-positioned for continued growth, and we wish them success."
Financial terms of the transaction were not disclosed. BMO Capital Markets served as the financial advisor and Squire Patton Boggs LLP served as legal counsel to PumpMan.
About PumpMan
PumpMan is a provider of pump systems and on-site maintenance & repair services for commercial, industrial, and municipal water pump systems in the United States. PumpMan focuses on serving the needs of pump end-users to optimize the performance and reliability of their systems and seeks to expand their service network by acquiring well-established pump sales, service, and repair companies in major markets throughout North America. For more information, please visit: www.pumpman.com
About Soundcore
Soundcore Capital Partners was founded in 2015 by Jarrett Turner and is based in New York, NY. Soundcore is a thesis-driven private equity firm that specializes in buy-and-build investments in the lower middle-market that are headquartered in the United States and Canada. Soundcore has completed 89 acquisitions across eleven platforms and focuses primarily on business & outsourced services, industrial services, specialty manufacturing and value-added distribution sectors. For more information, please visit: www.soundcorecap.com
CONTACT:
Elizabeth Olt
[email protected]
(212)-812-1432
Related Links
www.soundcorecap.com
SOURCE Soundcore Capital Partners
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