Odyssey Investment Partners has finalized its acquisition — previously reported in RER Reports — of ThyssenKrupp Safway from ThyssenKrupp AG. Safway specializes in the rental, erection and sale of scaffolding and provides related engineering, training and safety services. Based in Waukesha, Wis., Safway operates more than 90 locations in the United States and Canada and generated sales of more than $700 million in fiscal 2009.
“Odyssey has an extensive history of building businesses in the equipment rental and industrial services industries,” said Douglas Rotatori, a managing principal of Odyssey Investment Partners. “Safway is a leader in the access services sector that has performed exceptionally well and its prospects as an independent company are very attractive. We are proud to partner with the Safway management team to enhance the company’s growth prospects and long-term value.”
Marc Wilson will continue to serve as CEO and the Safway management team will remain in their current positions.
“Odyssey is an excellent partner for Safway given its significant experience investing in businesses similar to ours on a global basis,” Wilson said. “We are optimistic that this new relationship will create attractive opportunities for our customers and employees as we grow in our markets.”
Odyssey is not a newcomer to the rental industry. It acquired Neff Rentals in April 2005 for about $510 million, and sold it two years later for about $900 million. It acquired the tank rental division of NES Rentals in April 2007, changing the name of that business to Evergreen Tank Solutions. It also invested in Williams Scotsman, a leading provider of mobile office and storage units leased through a national network of branches, and United Site Services, the largest provider of portable restroom services in the United States.
Odyssey Investment Partners has offices in New York and Los Angeles and is a leading middle-market private equity firm with more than $2 billion under management. Safway, No. 15 on the RER 100, has been a leader in scaffolding services and access solutions in North America since 1936.