Wynnchurch Capital Acquires Majority Interest of The Surepoint Group
Wynnchurch Capital, a Chicago-based private equity firm with offices in Montreal and Detroit, has acquired a majority interest in The Surepoint Group, an industrial instrumentation and electrical service company servicing the oil and gas, forestry, pulp and paper, and chemical manufacturing industries. Surepoint is headquartered in Grande Prairie, Alberta, and maintains service centers in Nisku (Edmonton suburb), AB; Fairview, AB; and Dawson Creek, BC. Surepoint marks the seventh platform investment for Wynnchurch's second fund, Wynnchurch Capital Partners II, L.P. Financing was provided by Scotiabank. Terms of the transaction were not disclosed.
Founded in 2002, Surepoint is one of the fastest growing and most dynamic industrial instrumentation and electrical service companies in the Peace River Region of Canada, which includes northwestern Alberta and eastern British Columbia. Surepoint utilizes an integrated service model formed by seven distinct, but interrelated companies which provide value-added services and solutions to its customers. The company's services are primarily categorized as process instrumentation and electrical control installation, calibration and maintenance, heavy-duty mechanical, and natural gas field operations and maintenance. Surepoint also provides a comprehensive parts supply in support of these services.
Jon Kleinke, Managing Director at Wynnchurch Capital, stated, "Surepoint has an excellent market position and provides an extensive breadth of service and product offerings to its customers. The management team's deep experience and industry knowledge will allow Surepoint to capitalize on opportunities related to the ever present demand for oil and gas production." Cordell Weber, CEO of Surepoint, added, "With Wynnchurch's support, Surepoint is strongly positioned to pursue organic growth opportunities. Our management team is looking forward to the partnership with Wynnchurch and to what the future holds."