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Date: March 8, 2007
FOR IMMEDIATE RELEASE
CONTACT: MARYAM KUBASEK
513.583.5413, ext. 188
Cincinnati--The Midwest Opportunity Fund has announced the recent acquisition
of Direct Scaffold & Ladder, a scaffolding service/rental company headquartered
in Nashville with locations in Memphis; Jackson and Gulfport, Miss.; and Pensacola,
Fla.
MOF is a private equity fund that brings together seasoned professionals and
equity capital to invest in carefully selected, privately held business based
in the Midwestern United States.
This is the third acquisition by MOF, and it completes their first private
equity fund, which started in 2004. Previous acquisitions were Apex Restoration
in July 2005 and Ad-Pro Signs in August 2006.
Established in 1996, Direct delivers commercial scaffolding services that include
estimating, project consulting and planning including on-site project and inventory
management; multi-design scaffold rental and sales; assembly and dismantling;
and certified custom engineered designs.
Direct operates in a market that is closely tied to new commercial construction,
renovation and industrial upgrades. The company supports these projects for high-rise
buildings, industrial plants, hospitals, airports, churches and other structures.
“Direct has experienced rapid growth due to its strong track record
of quality, safety and responsiveness to its clients,” noted MOF Chairman
Ford Taylor. “In addition, it is a rapidly growing service provider in one
of the most attractive industry niches we have discovered--scaffolding services
represents a $2.5 billion market.”
The Fund conducted a focused search for portfolio companies in the light manufacturing,
food products and equipment, loss mitigation and restoration and the sign manufacturing
and installation sectors. The transaction was managed by The Malibu Group, a Blue
Ash-based mergers and acquisitions consulting firm.
“We are excited to close out our first fund with such a promising acquisition,”
said Peter Kubasek, Malibu Group managing partner. “We’ve already
seen the fruits of our labor at both Apex and Ad-Pro so we eagerly anticipate
the same success at Direct.”
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