The Brock Group has unveiled that American Industrial Partners (AIP) has acquired majority ownership of the company. AIP is a New York-based private equity firm that focuses on buying, improving and growing industrial businesses in the U.S. and Canada. Through the transaction, a substantial new money investment has added meaningful liquidity and capital resources to the company’s balance sheet, putting Brock in its strongest financial position in recent history.
“This announcement represents an extremely positive step for the future of our company,” said Brock Chairman and CEO Mike McGinnis. “Brock’s leading position as a trusted supplier of services for largescale capital projects, critical maintenance and turnarounds will be further solidified with AIP as a partner. Furthermore, AIP’s investment in Brock significantly reduces our debt, strengthens our balance sheet and enables us to make new investments to enhance our commitments to our customers and drive the growth of our company. AIP’s expertise in industrial-sector businesses and collaborative management style will help position us to take advantage of the significant marketplace opportunities we see.”
AIP will work with management and employees to implement an operating agenda and business transformation that will substantially enhance Brock’s already excellent ability to service its customers and grow its presence in existing and new end markets.
For more information, visit www. brockgroup.com or call (281) 807-8255.