Published Dec. 12, 2012
The Greenville private equity firm Azalea Capital said Wednesday it acquired assets and operations of Airco Industrial Contractors Inc. of Savannah.
Terms of the transaction were not released. The purchase was made under the Azalea Fund III L.P.
As part of this transaction, Azalea formed a new holding company called Power Services Group Inc. with two operating subsidiaries — Airco Power Services Inc. and Airco Industrial Services Inc., according to a news release.
Airco Power provides manufacturers and utilities with labor to service, maintain and install gas and steam turbines and other equipment used in the generation of electricity.
Airco Industrial provides maintenance, repair and other services to manufacturing and industrial clients operating in the pulp and paper, food, chemical and aerospace industries.
According to Power Services Group’s website, a third subsidiary, Apex Utility Services, also provides support to the power industry.
Azalea named Dennis McLaughlin CEO of the new holding company. McLaughlin is the former owner of The Atlantic Group Inc., a power generation specialty staffing firm that McLaughlin sold to Day & Zimmermann in 2006.