WAYNE, Pa., March 21, 2023 /PRNewswire/ — Argosy Private Equity, a lower middle market private equity firm, today announced the acquisition of Vac2Go, LLC (“Vac2Go” or the “Company”). This is the seventh investment in Argosy’s sixth lower middle market fund.
Founded in 2011 and headquartered in Louisville, Kentucky, Vac2Go is a provider of mission-critical equipment to industrial, utility, and municipal customers. The Company offers daily to multi-month rentals of the latest model trucks and equipment to industrial service contractors, environmental contractors, the construction, excavation, and utility industries, and to state and local municipal governments. Additionally, Vac2Go provides repair and maintenance services for vacuum trucks and related equipment at all its facilities. The Company has offices in Kentucky, Tennessee, Ohio, Alabama, South Carolina, Indiana, and Texas.
“This is a phenomenal opportunity for Vac2Go as we leverage the best of our customer service and fleet with Argosy’s financial backing and expertise. Argosy was selected as our partner in large part because of their experience in the equipment rental space as well as their Value Acceleration Methodology. We are excited to expand our reach geographically and increase our fleet size which will allow us to broaden our customer base in the years to come,” said Allison Jamison Woosley, CFO of Vac2Go.
“We continue to see increasing long term demand for our products and services and look forward to capturing more of the market in alignment with a growth path that is now bolstered by the partnership with Argosy. This partnership will help us achieve new milestones and continue to provide Best in Class services and products to our customer base for many years to come,” said Matthew Harper, Chief Operating Officer Vac2Go.
“We are excited to be partnering with Vac2Go and its dynamic leadership team. With its specialized rental equipment offerings, technology-driven approach, and well-maintained truck fleet, Vac2Go has become a leader in the relatively new and growing vacuum truck industry. We are looking forward to working with the team and leveraging our prior experience in the industry to help grow the business and continue expansion of products and services,” said Don Charlton, Partner at Argosy Private Equity.
Argosy has begun implementation of its Value Acceleration Methodology (VAM™) strategy alongside management to seek to improve performance and operational efficiency. With significant growth potential in the industry, the business strategy will focus on continuing to grow the Company’s fleet and branches, further developing the used truck and equipment sales processes, and providing additional resources to the management team to help execute the strategic plan.
The Argosy deal team consisted of Don Charlton, Michael Bailey, Jason Cunningham, Michael Paniccia, Dave Young, Travis Spreen and Seth Wilson from Headhaul Capital. NewSpring Capital provided mezzanine debt financing and equity coinvest. Slane Hill Capital served as advisor to Vac2Go, LLC and David Felts from TM Capital served as buy-side advisor to Argosy.
Argosy continues to seek platform investments for its sixth fund and add-on acquisition opportunities for the existing portfolio. Argosy aims to partner and invest with lower middle market niche manufacturing and business-to-business services companies that have a substantial ability to grow.
About Argosy Private Equity
Argosy Private Equity, founded in 1990, specializes in providing capital and operating and financial expertise to lower middle market companies across a broad range of industries. Argosy partners with motivated management teams investing in companies with sustainable competitive advantages and attractive growth prospects. Argosy Private Equity is a division of Argosy Capital Group, Inc. (“Argosy Capital”) together with Argosy Real Estate Partners, Argosy Credit Partners, Argosy Strategic Partners, and Argosy Healthcare Partners. Argosy Capital is an investment adviser with approximately $3.1 billion of assets under management. All of the Argosy Capital funds focus on lower middle market investment strategies.
For further information, please visit: www.argosype.com
Argosy Private Equity
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SOURCE Argosy Private Equity