New State Capital Partners
Assembly Line
Universal Plant Services' Rotating Segment Acquired by New State Capital Partners
New State Capital Partners and Jones Industrial Holdings announced the separation and New State’s subsequent acquisition of Universal Plant Services’ rotating equipment segment. Financial terms of the transaction were not disclosed. New State funded the investment out of its Fund III, along with substantial co-investment from its Limited Partners. New State partnered on this acquisition with APEX Capital Partners, an independent sponsor focused on the industrial, manufacturing, business services, renewable & energy transition sectors. This marks the third investment in which New State has partnered with an independent sponsor. Morgan, Lewis & Bockius acted as legal advisors and Piper Sandler provided financial advisory services to New State. Sidley Austin and Harris Williams acted as legal and financial advisors, respectively, for UPS.
Universal Plant Services is a leading provider of maintenance, repair and operations services for industrial equipment. New State has acquired the specialty equipment services related to all rotating, reciprocating and machinery, which will continue to operate under the Universal Plant Services brand name. Reagan Busbee, Chief Executive Officer; Paul Stouffer, President; and Deana Haygood, Chief Financial Officer will continue in their leadership roles and UPS will remain headquartered in Deer Park, Texas. JIH will retain the non-rotating equipment services (UPS Industrial Services), instrument & electrical (“UPS I&E”) and manufacturing equipment installation (“UPS M&T”) segments.