Industrial services firm changes with new owner
THE Brock Group, a provider of scaffolding, insulation and painting services at industrial facilities, underwent considerable change last year.
In October, New Yorkbased private equity firm American Industrial Partners bought the company and reduced its debt while significantly increasing its liquidity and capital resources.
AIP has said its aim is to work with Brock Group’s management to put into place an operating agenda and business transformation plan that will substantially strengthen Brock’s ability to service its customers and increase its presence in current and new markets.
The company, which ranks No. 10 on the Chronicle 100 list of top privately owned local companies for 2017, reported a slight revenue decline for the year, to $1.2 billion.
Brock began in 1947 as Service Painting Co. of Beaumont, a coatings services company for industrial facilities in the Beaumont area. It now provides services at petrochemical, power, beverage and pharmaceutical facilities. Services include scaffolding, insulation, coatings and linings, fireproofing, asbestos and lead abatement, and operations support.
Brock also provides management services, including inventory management of scaffold pieces, oversight of builds and dismantles, coatings lifecycle planning and insulation and fireproofing program management.
American Industrial Partners says it will look to add to Brock’s portfolio of services with the aim of solidifying its position as a one-stop shop for customers’ needs.
Mike McGinnis, Brock’s chairman and chief executive, last year praised AIP’s acquisition of Brock, saying that the transaction had reduced Brock’s debt and strengthened its balance sheet and will allow it to make new investments to drive growth.
Active in private equity investing since 1989, AIP has completed more than 70 transactions and has $4.1 billion of assets under management on behalf of pension, endowment and financial institutions.
Brock, which operates in 44 states, Canada and Aruba, was ranked No. 8 in Engineering New Record’s Top 600 Specialty Contractors List. The company also achieved its best recent annual safety record.