CHICAGO & HAZLETON, Pa.--(BUSINESS WIRE)--Chicago-based Sterling Partners, a leading growth-oriented private equity firm, has invested in DBi Services (DBi), a global leader in infrastructure operations and maintenance. The transaction officially closed on July 30, 2016.
While DBi will continue to run its business in the same way with the same vision, the partnership with Sterling allows DBi to invest in more resources, build upon its position as a market leader, offer many additional career development opportunities and job stability and further support its customers in the United States and abroad. Sterling will work closely with DBi’s management team, who will continue to play an active role in the company’s future growth and evolution.
“This is an exciting new chapter for our company and all our stakeholders. Today, I have the same passion and excitement about DBi’s future as I did 38 years ago. We’ve found a great cultural fit and a committed financial partner whose long-standing history of working with founders to accelerate growth tightly aligns with our family-oriented culture and mission,” said Paul DeAngelo, DBi’s Co-Founder and President. “DBi now has access to additional resources and expertise, strategic industry relationships and operational best practices that allow us to continue investing in our people and in DBi’s future success, while continuing to provide the highest levels of quality service and solutions to our customers.”
DBi was founded in 1978 by Paul and Neal DeAngelo as a small commercial residential maintenance company and has seen tremendous growth over the last 38 years through organic growth and strategic acquisitions. Today, DBi is one of North America’s largest and leading transportation infrastructure operations and maintenance companies, with a global network of over 50 locations and more than 1,500 employees. The company provides infrastructure maintenance, management and operations solutions to government agencies, utilities, private industries, railways, retailers and other infrastructure owners. DBi currently maintains and operates projects that include the Woodrow Wilson Bridge, the largest bascule span drawbridge in the world, and the Sunshine Skyway Bridge, the world’s largest cable-stayed concrete bridge.
“The success of an industrial services business is driven by its ability to provide customers with the highest levels of safety, quality and service. DBi has been delivering on that demand for nearly four decades,” said Matt Hankins, Principal at Sterling Partners. “The foundation and platform that Paul and Neal have built is strong, and we’re committed to working with the management team and employees to catalyze DBI’s growth.”
Sterling Partners Advisors:
McGuireWoods LLP and Katten Muchin Rosenman LLP served as legal advisors to Sterling.
DBi Services Advisors:
Moelis & Company acted as the exclusive financial advisor to DBi, and Morgan, Lewis & Bockius served as legal counsel to DBI. The following firms also provided advice: WeiserMazars LLP and Dixon Hughes Goodman LLP.
About DBi Services
DBi Services is headquartered in Hazleton, PA. Founded in 1978 by Neal and Paul DeAngelo, DBi has a worldwide network of over 50 locations and 1,500 employees, providing infrastructure maintenance, management and operations solutions to government agencies, railways, utilities and private industries. For more information, visit: www.dbiservices.com/.
About Sterling Partners
Sterling Partners is a private equity firm with a distinct point of view on how to build great companies. Founded in 1983, Sterling has invested billions of dollars, guided by the company's stated purpose: INSPIRED GROWTH®, which describes Sterling's approach to investing in differentiated businesses and growing them in inspired ways. Sterling focuses on investing growth capital in middle market companies in the healthcare services and business services industries. Sterling provides valuable support to the management teams of the companies in which the firm invests through a deep and dedicated team of professionals, including a strong network of outside directors and advisors. The people at Sterling believe in ideas and ideals, in people and in partnerships that drive long-term success. For more information, visit:www.sterlingpartners.com.
