Seven Hills-based Sweeping Corp. of America, which provides power sweeping services for streets, construction, industrial and special events settings, has a new private equity owner.
The company announced in a news release on Tuesday, Nov. 3, that New York-based PE firm Warburg Pincus has entered into an agreement to buy the company from previous investor Soundcore Capital Partners, also of New York. Financial terms of the transaction were not disclosed. Sweeping Corp., known as SCA, said in the release that the investment will enable it "to accelerate its sales and marketing efforts and help the company identify strategic relationships and acquisition opportunities."
SCA has more than 1,000 employees in 35 locations in the eastern half of the United States. Customers served include municipalities, state departments of transportation, commercial, infrastructure, and construction clients.
Christopher Valerian, president and CEO of SCA, in a statement described Warburg Pincus as a firm with "a strong history in partnering and developing high quality, category-defining businesses."
He said the ownership of Warburg Pincus "will enable us to further expand service capacity, fuel continued innovation in our complimentary services, and support key growth initiatives, with a focus on strategic acquisitions."
Warburg Pincus "has been a long-time, active investor in the industrial and business services sector, with significant experience investing in outsourced services and supply chain and logistics companies," SCA said in the release. Among the companies in which Warburg Pincus is an investor are Allied Universal, ARAMARK, Sotera Health, Labstat International, Coyote Logistics, New Breed Logistics and Service Logic.
Stephanie Geveda, managing director at Warburg Pincus, said in a statement that SCA has "a proven acquisition platform within the street sweeping industry" and thus is "a strong fit for our portfolio. ... We believe there is a significant opportunity to retain and further grow its market leading position."
Warburg Pincus has more than $56 billion in private equity assets under management. It has raised 19 private equity funds since its founding in 1966. The firm's active portfolio has more than 190 companies.
Soundcore Capital says on its website that it made its initial investment in SCA in February 2017, and that SCA since then has made 15 acquisitions.
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November 04, 2020 at 12:06AM
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Sweeping Corp. of America is sold to private equity firm Warburg Pincus - Crain's Cleveland Business
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