Industrial services provider MISCOR Group has acquired privately held 3-D Service, a provider of industrial services to the wind energy industry.
MISCOR also announced it closed a $20 million equity investment by institutional investor Tontine Capital Partners. Proceeds from the private placement will be used to fund costs associated with the acquisition of 3-D Service, as well as for future working capital and acquisition activity.
‘This acquisition allows us to expand our growing Midwest presence and gives us a foothold in the wind energy industry, which we believe has great growth potential and a positive environmental impact,’ says John Martell, president and CEO of MISCOR.
As part of the acquisition, MISCOR says Bernie DeWees, owner and current president of 3-D Service, will join MISCOR as president of Magnetech Industrial Services, a wholly owned subsidiary of MISCOR. DeWees brings more than 29 years of experience in the industrial services industry. 3-D Service will become part of Magnetech Industrial Services.