AXIOS Industrial Group and A&L Industrial Services Merger
BOSTON, MA (June 11, 2020) – Hastings Equity Partners (Hastings), a private equity firm focused on investing in lower middle market businesses, is pleased to announce the merger of its portfolio company A&L Industrial Services (A&L) with AXIOS Industrial Group, LLC. The company will operate under the name AXIOS.
This is a merger of two highly complementary companies, which offer scaffolding, insulation, painting, coating and liners, sandblasting, heat tracing, fireproofing and other soft craft services to industrial clients across industries, including oil and gas, chemical, agricultural, pharmaceutical, and pulp and paper. Both AXIOS and A&L have decades of experience and a track record of success built through exceptional customer service and project execution and an exemplary safety record. The combined company has a strong capital base and is well positioned to serve clients and accelerate growth with greater scale.
“This merger of AXIOS and A&L has the right mix of similarities and differences. We have essentially the same product and service offerings in the same geographic markets, with different customer bases and industry segment strengths. Combined, we will offer our clients even greater service, expertise and efficiency,” said Joe Compofelice, AXIOS Chairman and CEO.
So far in 2020, and despite the pandemic, the combined company has been awarded more than $50 million of new business in the oil and gas, chemical, agricultural, and pharmaceutical segments. Awards includes a multimillion-dollar three-year service contract for a major pharmaceutical company in Pennsylvania.
Hastings Equity Partners, the former controlling shareholder of A&L and White Deer Energy, the former controlling shareholder of AXIOS, will continue as the majority shareholders of the combined entity.
Hastings purchased a majority interest in A&L in December of 2018.
Locke Lord LLP served as the legal counsel for A&L and Hastings Equity Partners. Vinson & Elkins LLP served as legal counsel for Axios and White Deer Energy