Dive Brief:
- ABB announced that it has agreed to acquire Seam Group, a Beachwood, Ohio-based energized asset management and advisory services company, from Align Capital Partners.
- The acquisition will broaden Swedish-Swiss international firm ABB’s electrification services portfolio in the U.S., bringing “significant additional expertise” in predictive, preventive and corrective maintenance as well as electrical safety, renewables and asset management advisory services, it said in a Feb. 23 news release,
- Stuart Thompson, president of ABB’s electrification service division, said in the release that the acquisition is part of an “ongoing strategy to create a new force in electrification service” and will enable the company to provide customers “complete asset lifecycle management services” while expanding its field service coverage across North America.
Dive Insight:
With 105,000 global employees and an annual revenue of $32.3 billion, ABB operates in electrical equipment manufacturing and services, industrial automation and robotics, the company said.
Seam Group provides energized asset management and advisory services for commercial and industrial buildings. Its solutions include electrical safety, predictive maintenance programs, reliability consulting and repair services for customers operating in buildings, data centers, healthcare, manufacturing and EV charging infrastructure. The firm, which delivers solutions to around 3,000 customer sites, has nearly 250 employees and supports more than 1 million assets for over 800 clients worldwide, per news releases from ABB and Align Capital Partners.
The deal, slated to close in the third quarter of this year, marks Align Capital Partners’ fourth exit in the testing, inspection and compliance services space since 2016, according to ABB’s news release. The middle-market private equity firm, which invested in Seam Group through its acquisition of Lewellyn Technology in 2017, said in a separate news release that its portfolio company has seen strong organic growth and scaled operations through three add-on acquisitions it completed for Seam in the last seven years.
“The synergies between Seam Group and ABB are clear,” Seam Group CEO Colin Duncan said in a statement. “From our shared values of customer focus, collaboration and enabling a more sustainable future, to our complementary portfolios, together we will deliver new levels of operational performance while supporting companies in their energy transition.”
