Headquartered in Greenville, South Carolina, with 16 branches across the United States, IPS provides motor and generator repair services primarily to the power generation, petrochemical, metals, mining and pulp/paper end markets. The Company also serves as a distributor of new motors and provides field services at customer locations. IPS services approximately 17,500 motors and generators annually for over 4,000 customers.

Doug Rotatori, a Managing Principal of Odyssey, said: “Throughout our history, Odyssey has supported and successfully built numerous businesses in the industrial services sector. We believe IPS is a tremendous investment opportunity given the Company’s attractive financial profile, end market diversity, low customer churn and seasoned management team. Together with Brian Brehmer and his team, we expect to expand the business through continued organic growth as well as strategic acquisitions.”

The entire IPS management team, including President and CEO Brian Brehmer, CFO Paul Berens, and four regional Senior Vice Presidents are investors in the transaction and will continue to lead the Company under Odyssey's ownership.

Mr. Brehmer said: “Our new partnership with Odyssey will create additional opportunities for employees and advance our capabilities to serve our customers. I am confident that Odyssey will prove to be an invaluable resource and strategic partner to IPS, and that its deep knowledge of our industry and end markets will enhance our growth prospects and capabilities. We are extremely pleased to partner with Odyssey as we continue to grow the business.”

Contact:

Mark Semer or Donald C. Cutler
Kekst and Company
(212) 521-4800 or (415) 852-3900