August 8, 2017 (Cleveland, OH) – Soundcore Capital Partners, LLC (“Soundcore” or “the Firm”), a control oriented, New York-based private equity firm that invests in lower middle market businesses, announced today that its portfolio company Sweeping Corporation of America, Inc. (“Sweeping Corp.” or “SCA”) has completed the acquisition, in partnership with management, of Reilly Sweeping, Inc. (“Reilly Sweeping,” “RSI,” or “the Company”), marking the Firm’s largest investment to date.
Headquartered in Fairless Hills, PA, Reilly Sweeping has provided parking lot and street sweeping services to the Mid-Atlantic region for over 45 years. Offering consistent and exceptional service to its municipal, industrial and local customer base, paired with an extensive footprint that spans across Pennsylvania, Ohio, Maryland, Washington, D.C., Delaware, Virginia and New Jersey, Reilly has grown into the region’s largest sweeping provider.
SCA’s President and CEO Christopher Valerian stated, “Reilly Sweeping is one of the most respected companies in our industry. With a majority of its operations contiguous to our existing locations, Reilly solidifies our leading position in these markets and further expands our platform for additional growth opportunities. We are extremely pleased that Patrick, Sean and Michael Reilly will maintain important leadership roles within RSI, and we expect that the Company’s support and commitments to its employees, customers, and the communities it serves throughout two generations of family ownership will be further strengthened under our stewardship.”
“Once we identified family-owned and -operated Reilly Sweeping as the next acquisition for our Sweeping Corp. platform, we worked closely with the Reilly brothers and existing management to ensure a timely, seamless transition amongst the RSI team and its loyal customers. We are very excited to partner with the team, and to support their continued growth and success as we actively expand our SCA reach.”
Jarrett Turner, Soundcore’s Managing Partner
“The addition of Reilly Sweeping brings a multi-state, best-in-class company into our platform and meshes with our buy and build strategy in the power sweeping space. I am very pleased with the progress we have made in acquiring great companies with proven leadership, and look forward to continuing to scale the business,” said Feliks Zarotsky, Managing Partner of Soundcore.
With the acquisition of Reilly Sweeping, Inc., SCA operates a fleet of 350 units through 21 locations, forming the largest self-performing power sweeping company in the United States.
Vorys, Sater, Seymour and Pease LLP provided exclusive legal counsel for Soundcore. Fox Rothschild LLP and HighBank Advisors provided exclusive legal and financial advisory to Reilly. Terms of the transaction were not disclosed.
About Reilly Sweeping
Since founding Reilly Sweeping, Inc. in 1971, Gerald M. Reilly has always believed that if a customer is pleased with our level of service, they will use us again. RSI provides the highest level of power street sweeping service with state-of-the-art equipment for every project we complete. As a family run business, RSI strives for complete customer satisfaction because our reputation is built on it and, without our customers, there would be no business. For more information on RSI, please visit www.reillysweeping.com.
About Sweeping Corporation of America
Sweeping Corp provides street, parking lot and construction site sweeping, catch basin cleaning and several ancillary services including pavement maintenance and snow management to state, municipal, commercial, industrial and residential customers throughout the Eastern region of the United States. Servicing over 25,000 miles of roadways and parking lots each month, Sweeping Corp offers reliable, consistent and thorough service from highly-trained, certified technicians using state-of-the-art equipment. For more information, please visit www.sweepingcorp.com.
About Soundcore Capital Partners
Soundcore Capital Partners, LLC (“Soundcore”) founded in 2015, is a New York City-based private investment firm specializing in control equity investments and leveraged buyouts of lower middle market North American (US or Canada) headquartered businesses. The firm partners with exceptional management teams and creates long-term value for investors through a combination of operational improvements, internal growth initiatives, and strategic acquisitions. Soundcore primarily focuses on businesses with revenues that are recurring in nature and that are in fragmented industries with multiple acquisition roll-up opportunities. The firm specializes in proprietary deal sourcing through industry relationships rather than traditional bank auction processes and investment brokers, and seeks businesses whose management team members and / or selling shareholders wish to have a meaningful ownership stake in the newly acquired enterprise. Since inception, Soundcore has acquired 18 companies. For additional information on Soundcore Capital Partners, please visit www.soundcorecap.com.