Soundcore Buys Sweeping Corp. of America, Sky Sweeping
Soundcore Capital Partners, a New York-based private equity firm that invests in lower middle-market businesses, announced it has acquired, in partnership with management, Sweeping Corporation of America, Inc.
Soundcore said it had simultaneously closed on Sweeping Corp.’s sister company, Sani-Tech JetVac Services. And in April Soundcore announced Sweeping Corporation of America completed the acquisition of Sky Sweeping. Terms of the transactions were not disclosed.
Headquartered in Nashville, TN, Sweeping Corp. of America provides street sweeping, catch basin cleaning & ancillary services to the southeastern United States. With eight facilities throughout Tennessee, Alabama, Georgia, North Carolina, Kentucky, Arkansas, Mississippi, and Louisiana, Sweeping Corp. of American maintains more than 25,000 miles of roadways and parking lots each month for states, municipalities, airports, as well as industrial, residential and commercial facilities.
“After founding this business 30 years ago, I am so grateful to reflect on the success we’ve achieved thus far, and I am excited for the future of the company as it enters a new era.” said Sweeping Corp. founder Tom Rice. “Finding the right partners, who act with integrity, respect and passion, was crucial for me in taking the next step. I am excited to see Sweeping Corp. continue to grow into a national leader in the street sweeping industry.”
Feliks Zarotsky, Soundcore managing partner. “We spoke with many great companies before selecting Sweeping Corp. as our third platform as well as its first add-on, Sani-Tech, both chosen for their strong operations and management.”
“We are extremely eager to join forces with both Sweeping Corp and Sani-Tech to build upon the strong success they have achieved to-date under the management of Tom Rice and his team,” said Jarrett Turner, Soundcore managing partner. “The partnership solidifies our approach of pursuing healthy, need-to-have, buy-and-build investments in highly-fragmented, niche markets.”
Headquartered in Louisville, OH, Sky Sweeping provides parking lot, street and industrial sweeping as well as several ancillary services in Ohio, western Pennsylvania and southeastern Indiana.
“We have been privileged to partner with the talented Sky Sweeping team over the past few months and look forward to contributing to the future growth and continued success of the business over the years to come," said Chris Valerian, the CEO of Sweeping Corp.
Founded in 2015, Soundcore Capital Partners is a New York City-based private investment firm specializing in control equity investments and leveraged buyouts of lower middle market businesses headquartered in the United States or Canada. The firm said it partners with exceptional management teams and creates long-term value for investors through a combination of operational improvements, internal growth initiatives, and strategic acquisitions.
Soundcore primarily focuses on businesses with revenues that are recurring in nature and that are in fragmented industries with multiple acquisition roll-up opportunities. The firm specializes in proprietary deal sourcing through industry relationships and investment brokers rather than traditional bank auction processes, and seeks businesses whose management team members and/ or selling shareholders wish to have a meaningful ownership stake in the newly acquired enterprise. Since inception, Soundcore has acquired 14 companies.
Crafco Acquires Texas Location
Crafco, Inc., Chandler, AZ, has purchased the assets of Crafco Texas Inc, according to Don Brooks, president.
Brooks said the acquisition combines the assets of one of Crafco’s long-standing independent distributors, Crafco Texas Inc. to expand Crafco’s locations, sales and service to the Texas. Effective April 1, Crafco will operate a Pavement Preservation Supply Center at 2103 Danbury St., San Antonio, TX. An additional location at 2413 Richland Ave., Farmers Branch, TX (Dallas) was expected to approximately May 1, 2017.
Brooks said Bill Frerichs, president and previous owner of Crafco Texas, as well as his employees will be staying on with Crafco.