Year Founded

Total Investments & Acquisitions

Average Revenue at Investment

Revenue Growth to Date

Total Employees

Elite is a full-service provider of hydro excavation trucks ("hydrovacs") and ancillary equipment to industrial, utility, construction, and municipal service providers. Hydrovacs use high pressure water and vacuum technology to excavate and clean in a manner that is safer and more precise than traditional methods. Elite maintains a large fleet of "good as new" hydrovacs for rent, and also provides new and resale equipment, parts, and best-in-class maintenance services

*We led the recapitalization of Elite in 2024, partnering with co-founder Chris Chapman to bring substantial growth capital to the business, which will enable the company to aggressively grow its fleet and geographic footprint. *

Elite

Industrial

Fortbrand Services is a leading provider of airport maintenance and ground support equipment to the global aviation industry. Fortbrand’s Ground Support Equipment business provides leasing and short-term rentals and maintenance services of mission critical ground support equipment to airlines, ground handling companies and fixed base operators. The Company’s Airport Maintenance Equipment business distributes and leases snow removal and maintenance equipment to airports.

We led the recapitalization of the business in March 2019, partnering with existing management and a seasoned industry executive. Since then, we have invested heavily in the fleet, and have built a premier rental and leasing platform to support the growth in air traffic.

After growing the fleet ten-fold, we exited the business to Basalt Infrastructure Partners, who is backing the management team to continue on this aggressive growth path.

Fortbrand Services

Infrastructure Services

Integrated Warehouse Solutions (IWS) is a leading provider of material handling equipment focused on enhancing the safety and efficiency of loading docks and warehouses. The Company’s products, which include yard ramps, dock boards, pit levelers, seals and shelters, safety barriers, mezzanines, lift tables, pallet trucks and carts, are sold under the leading Bluff, Wesco and Nordock brands. IWS serves virtually every end market throughout the U.S., Canada, Central and South America, and the Caribbean through a broad distributor network supported by production facilities in Texas, Pennsylvania, Ohio and Ontario (Canada).

We led the acquisition of three separate businesses over a two-year time period to form IWS. We have fully integrated these businesses and continue to expand product offerings and geographic coverage across the platform, while aggressively pursuing additional strategic acquisitions.

After achieving 9x revenue growth (both organically and through M&A) we divested the business to ASSA ABLOY AB, a global leader in entrance solutions.

Integrated Warehouse Solutions (IWS)

Centerline is a leading critical infrastructure and network solutions provider that designs, builds, and maintains next-generation wireless, wireline networks, and critical infrastructure facilities. Centerline’s services include wireless services, technical infrastructure solutions, and facilities management. Centerline has a strong presence in the U.S. and Canadian markets with coverage of all 50 states and six Canadian provinces.

We led the recapitalization of the business in 2017, alongside Stone-Goff Partners, partnering with the founder and management team. In 2021, having grown revenues fourfold (including via several bolt-on acquisitions), we exited a majority of our investment via a sale of the business to the Audax Group. WPH retained a minority ownership position and BOD seat.

Centerline

Business Services

USBid is a value-added distributor of electronic and hardware components for critical devices, aircraft, and systems. The Company leverages its in-house expertise and state-of-the-art, accredited testing laboratory to offer a comprehensive procurement solution for OEM customers across a wide variety of industries.

We led the acquisition of USBid in 2022 and are now working to leverage USBid’s differentiated product sourcing, superior test lab capabilities, and broad vendor relationships to further build a diversified solutions provider focused on solving customers’ most challenging procurement needs.

USBid

TowerNorth Development is a developer, owner and operator of mission critical wireless infrastructure in the U.S., Latin America and Europe.

TowerNorth was a subsidiary of Centerline Communications at the time of WPH’s investment in 2017.  In 2021, TowerNorth was carved out of Centerline Communications and received a minority investment from the Audax Group. We are working to build a global portfolio of wireless infrastructure assets to further support the development of a 5G network.

TowerNorth

Purgo Holdings (Purgo) is a leading platform of filtration and separation technologies serving the water, infrastructure, process filtration and separation markets. Purgo’s subsidiaries specialize in commercial, industrial, groundwater, and industrial process applications.

WPH and a group of industry executives formed Purgo in 2018 with the acquisition of Lakos Filtration Solutions. Since inception, Purgo has acquired three complementary businesses. We are working to leverage the brands of each company to drive organic growth while aggressively pursuing strategic acquisitions.

Purgo Holdings

PumpOne Environmental is a leading designer and manufacturer of extraction pumps and landfill accessory products used in the removal of leachate from landfills. PumpOne’s pumps are critical components of a landfill’s operation and are needed to remove hazardous liquids and to facilitate the removal of gas byproducts.

In 2022, WPH led the recapitalization of PumpOne, partnering with the founders and existing management team. We are working to build upon the strong PumpOne brand name and reputation to expand into new end markets and expand our product offering.

PumpOne Environmental

G-P (formerly Globalization Partners) provides global employment solutions through its SaaS-based Global Employment PlatformTM. G-P’s Global Employment Platform is the first fully customizable SaaS-based global employment product suite that helps companies find, hire and manage talent anywhere in the world – quickly and compliantly – without setting up new entities.

Together with TDR Capital, we partnered with the founder of G-P and led a minority recapitalization of this business in January 2020. Since that time, G-P has raised growth capital from an affiliate of Vista Equity to drive further investments in technology innovation and other growth opportunities.

Logo 1

Adaptec Solutions is a leading provider of innovative material handling and automation solutions for a diverse set of end markets. The Company designs customer-centric solutions that optimize workflow, enhance safety and reduce costs by integrating equipment, robotics and controls, together with ongoing maintenance and 24/7 support. Adaptec has facilities in New York, North Carolina and Tennessee, and has >100 service technicians supporting customers nationally.

We led the acquisition of four complementary businesses over a four-year time period, beginning in 2016, and fully integrated these businesses to form Adaptec.

Adaptec Solutions

Rhino Tool House (RTH) is a leading provider of assembly line products, material handling solutions, industrial MRO products and value-added services to blue chip manufacturing companies. RTH has a nationwide salesforce that sells directly to OEM customers operating across a wide variety of industrial end markets, with nationwide support.  We acquired a majority interest in Rhino Assembly in 2017, merged with The Tool House in 2018 (creating Rhino Tool House) and subsequently completed several add-on acquisitions.  In April 2023, having grown revenue more than fourfold, we exited our investment via a sale of the Company to Blue Sea Capital. We enjoyed an excellent partnership with the founders of the RTH businesses, who continue to lead the company today.

Rhino Tool House (RTH)

HHAX is a leading provider of Software-as-a-Service healthcare software solutions to the home care industry, serving both home care agencies and their Payers. HHAX’s cloud-based product offering includes one of the industry’s most robust and innovative agency management systems, and also a unique and powerful data exchange platform, eXchange Suite, that dynamically links Payers and their contracting agencies.

We originated and led this investment in 2014. In 2018, after four years and ~500% growth, the Company was sold to Cressey and Company.

HHAX

Connect-Air is a leading specialty distributor of low-voltage wire and cable products used in critical building applications, primarily HVAC, security, and fire alarm systems. The Company has a large national footprint, with eight locations throughout the US and Canada, and enjoys an outstanding reputation for customer service.

We acquired the company in 2008 from its founders. After seven years, we exited our investment in 2015 when the business was sold to a Fortune 500 business.

Connect-Air

Comstar is a full-service provider of technology and telecommunications services to corporate and institutional customers. The company’s services include cloud-based VOIP (voice-over internet protocol) phone systems, the installation and maintenance of traditional phone systems, managed IT services, network infrastructure and cabling, and the integration of security, fire and A/V systems.  

We led the recapitalization of this business in 2017, investing growth capital and partnering with the existing President/owner to facilitate an ownership buy-in for a long-tenured management team. Wincove supported Comstar in five strategic acquisitions that accelerated its shift to recurring cloud-based services.  We exited our investment in 2022, when the Company was sold to New Era, a global provider of managed IT-services.

Comstar

ROM Corp. is a leading manufacturer of products for the trucking and transportation industries. Product lines include Roll-Up compartment doors, folding safety ramps, and automated bed covers.

We initially acquired the business in 2004, and after several successful years, sold a majority interest to a private equity firm. We ultimately exited together in 2013, after nine years. At the time of sale, the business had grown revenues tenfold since our original investment.

ROM Corp.

Impact Products is one of the largest manufacturers and distributors of (non-chemical) cleaning, maintenance and safety supplies, products and equipment in the United States.  The Company serves diverse end markets, including Jan/San, Foodservice, Safety, Office Products, Healthcare, Industrial, Education and Hospitality, and provides industry leading service levels.

We teamed with management to acquire the business from its previous owners in 2006. After making a follow-on acquisition, we exited our investment in 2011 through a sale of the business. Impact is now a subsidiary of a Fortune 500 distribution business.

Impact Products

GI Plastek is a value-added provider of advanced manufacturing solutions, with a specialty in manufacturing medium to large customized and highly aesthetic plastic injection molded products. The Company offers gas assist, structural foam, and standard injection processes, as well as assembly and other value-added finishing operations.

We worked with management to acquire this orphaned business from its owner, a real estate investment trust, in 2009. We invested heavily in growth initiatives, and ultimately sold the company in 2015 to a publicly-traded investment company.

GI Plastek

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Roosevelt, UT– May 10, 2024 – Wincove Private Holdings, LP (“Wincove”) announced today that it has led a transaction to recapitalize and provide growth capital to Elite Equipment Rental, LLC and its subsidiary, Elite Parts, LLC (“Elite” or the “Company”).

Elite is a full-service provider of hydro excavation trucks (“hydrovacs”) and ancillary equipment to industrial, utility, construction, and municipal service providers.  Hydrovacs use high pressure water and vacuum technology to excavate and clean in a manner that is safer and more precise than traditional methods.  Elite maintains a large fleet of “good as new” hydrovacs for rent, and also provides new and resale equipment, parts, and best-in-class maintenance services.  Wincove is partnering with Founder and President, Chris Chapman, who will remain in his current leadership role.

“Chris and Roger Chapman have built a unique and differentiated business over the past 10 years,” said John Lenahan, Partner at Wincove. “We are very excited to partner with them and the team at Elite, and to support the Company in its next phase of growth.”

Chris Chapman, added, “this recapitalization is an important step in fueling our growth.  We are excited to continue to build Elite, including our fleet and geographic footprint, all while continuing to deliver the best equipment and service to our customers.”

About Elite Equipment Rental, LLC and Elite Parts, LLC

Elite is based in Roosevelt, UT with four additional locations across the Western United States. Elite rents, sells, and services hydrovacs and related equipment and offers a robust inventory of replacement parts for both rental and third-party customers. Together with a young rental fleet and in-house maintenance capabilities, Elite supports its customers with newer equipment to reduce downtime. For more information about Elite, please visit https://www.eliterentals.net/.

Wincove Private Holdings is an investment company that creates long-term capital appreciation for its shareholders by partnering with business owners, entrepreneurs, and management teams to transform founder-owned companies into market leading businesses. Based in Boston, Wincove has a permanent capital base, and can stay invested in its partner companies for an unlimited time. For more information about Wincove, please visit www.wincove.com.

Wincove Recapitalizes and Provides Growth Capital to Elite Equipment Rental

ASSA ABLOY has acquired Integrated Warehouse Solutions (IWS), a US manufacturer of loading dock equipment.

"I am very pleased to welcome IWS into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business,” says Nico Delvaux, President and CEO of ASSA ABLOY.

“The acquisition of IWS marks an exciting expansion into new market segments, enhancing our brand positioning within our core product offerings. We look forward to welcoming IWS and to adding additional customer value to our core loading dock equipment product offering,” says Massimo Grassi, Executive Vice President of ASSA ABLOY and Head of Entrance Systems Division.

IWS was founded in 1975 and has some 550 employees. The company is headquartered in Burleson, Texas.

Sales for 2022 amounted to about MUSD 170 (approx. MSEK 1,700). The acquisition will be accretive to EPS from the start.

Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72               
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68, e-mail: bjorn.tibell@assaabloy.com


About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 52,000 employees and sales of SEK 121 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.

Wincove Private Holdings is an investment company that creates long-term capital appreciation for its shareholders by partnering with business owners, entrepreneurs, and management teams to build market-leading companies. Based in in Boston, Wincove has a permanent capital base, and can stay invested in its partner companies for an unlimited time. For more information about Wincove, please visit www.wincove.com.

ASSA ABLOY acquires Integrated Warehouse Solutions in the US

BOSTON--(BUSINESS WIRE)--Berkshire Partners today announced it has made a majority growth investment in TowerNorth, a fast-growing independent developer, owner, and operator of critical wireless infrastructure assets in the United States and Europe. Financial terms of the private transaction were not disclosed.

Founded in 2012 by industry veterans Josh Delman and Bert Stern, TowerNorth has grown into a leading wireless infrastructure platform, with newly built towers and a presence in 24 states that spans the Midwest, Northeast, and Southern United States. The company’s deep understanding of the wireless infrastructure industry across its territory allows TowerNorth to efficiently and effectively bring wireless carriers on-air within stringent timelines, navigating complex zoning and real estate challenges through its local development teams. TowerNorth believes that open communication, transparency, and trust ultimately drive success and has made the company a preferred partner for wireless carriers, local jurisdictions, utilities, and hundreds of property owners across the country.

“TowerNorth has seen tremendous growth since inception, and we continue to see significant opportunities ahead as the buildout of 5G and successor networks continues,” said Stern, Chief Executive Officer of TowerNorth. “We are thrilled to partner with Berkshire Partners’ Digital Infrastructure team, which has experience scaling digital infrastructure companies, and we look forward to leveraging their tower experience and operational capabilities as we continue to develop complex site solutions and large-scale build-to-suit tower programs for our carrier partners.”

Berkshire Partners has a long history of partnering with shared wireless access, data center, and network infrastructure businesses seeking to accelerate growth, including prior investments in Crown Castle International, Tower Development Corporation, Torres Unidas and Protelindo.

“We are backing an exceptional senior leadership team at TowerNorth and are thrilled to invest in a company instrumental in developing the advanced wireless infrastructure that is vital to today’s digital economy,” said John Kelly, Managing Director at Berkshire Partners. “In addition to bringing the capital required to support TowerNorth in executing on its contracted tower pipeline, we look forward to helping Bert and his team scale the business to ensure continued best-in-class tower availability and development.”

In addition, founding investor Wincove Private Holdings re-invested in the transaction.

TD Securities acted as the sole financial advisor and Husch Blackwell LLP acted as the legal advisor to TowerNorth. Babst Calland and Kirkland & Ellis advised Berkshire Partners.

Berkshire Partners is a 100% employee-owned, multi-sector specialist investor in private and public equity. The firm’s digital infrastructure strategy leverages Berkshire Partners’ 25-year track record in communications to invest in middle market businesses within the shared wireless access, data center, and network infrastructure segments. The firm’s private equity strategy is to invest in well-positioned, growing companies across consumer, healthcare, services & industrials, and communications & technology. Since inception, Berkshire Partners has made more than 150 private equity investments and has a strong history of collaborating with management teams to grow the companies in which it invests. For additional information, please visit www.berkshirepartners.com.

Founded by industry veterans Josh Delman and Bert Stern in 2012, TowerNorth is an independent developer, owner, and operator of mission critical wireless infrastructure assets in the US and Europe. For additional information, visit www.towernorth.com.

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Our Recent Developments

Wincove Recapitalizes and Provides Growth Capital to Elite Equipment Rental

ASSA ABLOY acquires Integrated Warehouse Solutions in the US

Tower North acquired by Berkshire Partners

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