The company makes yet another large acquisition...try and keep up
It's starting to feel like IPS (Integrated Power Services, the Greenville, S.C. outfit) is making a new acquisition each week. The thing is, they continue to be large and highly significant within the industry: this time, the company announced it has agreed to acquire assets of ABB’s Industrial Services business.
That business includes a US and Canadian service shop network with locations in Tucson, Arizona; Evansville, Indiana; Charlotte, North Carolina; Edmonton, Alberta, Canada; and Burlington, Ontario, Canada, employing 114 talented employees. The transaction is expected to close in the third quarter of 2024. Financial details of the transaction were not disclosed as of the April 23 press release received via e-mail by Electrical Apparatus.
IPS just acquired Swiger Coil Systems from Wabtec a mere eleven days prior.
The ABB acquisition brings to IPS five well-equipped electric motor, generator, mechanical, switchgear, and circuit breaker service centers, which were a part of the General Electric Industrial Solutions acquisition by ABB in July 2018. The ABB Industrial Services business offers high-quality repair and field service capabilities for electric motors up to 50,000 HP and low and medium-voltage switchgear equipment from 480V to 15kV. Additionally, the service centers perform rotating equipment repair services for pumps, compressors, blowers, bearings, gearboxes, and OHV mining drivetrains.
The business has a decades-long relationship with customers, providing lifecycle solutions for critical processes in power generation, petrochemicals, pulp and paper, mining, metals, and other industrial applications. Based on its historic original equipment manufacturer service heritage, the business possesses specialized knowledge and expertise working on General Electric and ABB rotating equipment and switchgear.
For IPS, the addition of this business addresses service location gaps in Arizona, Western and Central Canada while adding complementary capabilities in the Midwestern and Southeastern US. This agreement follows IPS’ acquisition of ABB’s hydrogenerator and transformer repair business in June 2022.
“IPS is aspiring to become the trusted advisor for our customer’s electrical balance of plant and electromechanically driven processes,” said John Zuleger, IPS President and CEO. “The addition of these highly skilled technicians and service network, along with the legacy General Electric and ABB experience, puts IPS in a position to carry forward and improve on the confidence customers have placed in these teams to solve their biggest reliability challenges.”