Chicago-based private equity firm Rising Point Capital acquired Verona, Pa.-based family business Conco Holdings for an undisclosed amount, Pittsburgh Business Times reported.
Conco Holdings provides low-pressure mechanical heat exchanger tube cleaning and nondestructive testing services to power generation and industrial companies. Apart from the U.S., the company also operates in Australia, Belgium and Germany.
Tecum Capital Partners and UMB Capital Corp. provided subordinated debt and equity to support the acquisition, the publication noted.
Saxon-Godish family, the company owners since 1971, will retain a 30% stake in Conco, according to the report. Ed Saxon remains CEO.