GI Partners Acquires The Linc Group
"Our employees, customers, and non-Enron investors have been looking forward to this day for a long time," said Tracy Price, CEO and president of the Linc Corp. "While our business operations remained focused throughout, the Enron affiliation was a major distraction. We look forward to further developing the excellent business reputation our companies have enjoyed over their 25-year history by delivering a full complement of mission-critical facilities management services to U.S. businesses."
The four operating companies of the Linc Group are Affiliated Business Services (ABS), Linc Corp., Linc Service Holdings, and Integrated Process Technologies (IPT).
ABS is a national facility management service provider that specializes in technical applications and mission critical building systems. The company was established in 1979 and has a client base that includes aviation, sports venues, and manufacturing facilities, to name a few.
The Linc Corp., which will celebrate its 25th anniversary in 2004, is the franchisor of the Linc SystemÂ®, a business format for operating a commercial HVAC service business. The business unit has over 100 independently owned franchisees throughout North America and Australia.
Linc Service Holdings provides commercial HVAC maintenance and repair services, as well as preventive maintenance, spot repair, system replacement, and energy retrofit.
IPT, started in 1997, provides outsourced facility maintenance management services through a national call center. The company is able to monitor and manage maintenance requirements as needed by large, multi-location, national accounts. IPT accounts include health care, hospitality, and service businesses.
The Linc Group, along with ABS, is based in a new corporate office in Houston. Headquarters for the other companies will remain unchanged. Linc Service Holdings is located in Atlanta, while Linc Corporation is headquartered in Pittsburgh, and IPS is based in Hartford, Conn.
Collectively, the Linc Group services over 15,000 facilities through a workforce totaling 1,400 employees and generating more than $170 million in service revenue annually, the company states.
"The Linc Group has a long, proud history of providing superior mechanical and facility management services to its customers," said Rick Magnuson, executive managing director for GI Partners. "We were highly impressed by Linc's industry leadership, which is best evidenced by the fact that all major corporate clients remained committed to the business despite the distractions surrounding Enron. We believe the Linc Group is an excellent fit with the innovative focus of our portfolio."
For more information, visit www.lincservice.com, www.absfm.com, and www.ip-tech.com.
Publication date: 12/22/2003