CHARLOTTE, NC — Ridgemont Equity Partners, a middle market buyout and growth equity investor, announced Monday the closing of a majority equity investment in Abrasive Products & Equipment, a leading, value-added specialty distributor of surface preparation, remediation, abatement, safety, environmental, and waterjet cutting products and solutions. Financial terms of the transaction were not disclosed.
Abrasive Products & Equipment is headquartered in Deer Park, Texas, and operates through four brands — AP&E, BKW, SharpJet and Safety Pros — out of 14 locations throughout the Gulf Coast and Mid-Atlantic regions. The company provides abrasive material and equipment and safety, maintenance and environmental supplies for surface preparation demands of contractors across a variety of industrial markets. AP&E serves petrochemical infrastructure, offshore drilling, shipyard operators, oil & gas pipeline infrastructure, waterjet cutting solutions, and general manufacturing, healthcare, and government sectors.
“AP&E is a natural fit for Ridgemont’s portfolio,” said John Shimp, Partner at Ridgemont. “There is a lot of exciting activity around the petrochemical complex in the Gulf Coast and this investment is a continued evolution of Ridgemont’s broader thesis around these attractive market dynamics. Our team is able to couple our experience in industrial distribution with our extensive knowledge of the oil & gas revolution in the U.S.”
”We are pleased to enter into this partnership with the existing senior management team of AP&E,” added Jack Purcell, Partner at Ridgemont. “The company has a unique culture centered on customer service, and we are excited to be a part of AP&E’s next stage of growth.”
“Our AP&E team is very excited about our future to partner with Ridgemont. We immediately sensed the strong cultural fit and Ridgemont’s unique combination of energy and industrial distribution experience will help us achieve the expansion and growth we strive to achieve,” said Kevin Willis, CEO of AP&E.
Bobby Wineski, General Manager of AP&E added, “After meeting with numerous private equity groups, we found that Ridgemont really separated themselves from the others and was the obvious choice for our company as a partner.”