Crescendo Capital Partners (“Crescendo”), alongside operators Bill Walter, Jared Hall and Devon Izard of Construction Capital Group (“CCG”), is pleased to announce the acquisition of Peoria Industrial Piping Company (“PIPCO”). Founded in 1958 by Maurice J. Cicciarelli and owned and run by Maurices’s four children (Steve, Scott and Greg Cicciarelli and Karen Shadid), PIPCO is a Peoria, IL based commercial services provider specializing in fire protection, mechanical, electrical, plumbing (“MEP”), and site utilities and excavation. PIPCO serves over 1,300 clients annually throughout IL and northwest IN across a diverse set of end markets.
In conjunction with the acquisition of PIPCO, Crescendo and CCG have created a new holding company, Essential Facility & Infrastructure Services, LLC (“EFI Services”), and PIPCO will become the first operating company within the new platform. Through EFI Services, Crescendo and CCG plan to build a regionally dominant player in the Midwestern MEP / fire protection industry. Bill, Jared and Devon will serve as CEO, CFO and CIO, respectively, of EFI Services.
Bill Walter, CEO of EFI Services, commented, “We are incredibly excited and grateful for the opportunity to partner with the Cicciarelli Family, the PIPCO team, and Crescendo. This partnership is built on shared values, mutual respect, and a belief that great businesses are built by great people. Together, we look forward to building better lives for those we serve – our customers, our team members, and the communities that depend on us, all while leading with excellence and continually striving to improve.”
Michael MacRitchie, Managing Partner, noted, “We are thrilled to partner with the Cicciarellis, who have built upon their father’s legacy through their leadership and growth of PIPCO. Today, PIPCO is an established market leader in the state of IL with a premier reputation, and we are excited to see where the PIPCO team can take the business in the future.
Joel Gaynor, Principal, added, “Crescendo’s track record of building platforms in the trades and Bill, Jared and Devon’s history operating and scaling businesses will be a great complement to the existing, talented PIPCO team. Together we will build a regionally dominant MEP / fire protection platform that will be an acquiror and employer of choice across the Midwest.
Fidus Capital provided term debt and an equity co-investment to support the transaction. The sellers retain equity positions and will continue in their leadership roles.
Overview of Crescendo
Crescendo invests in middle-market companies at inflection points, bringing capital and scaling skills to unleash latent growth potential. Crescendo has made ~20 acquisitions totaling ~$500+M (including add-ons) and has a particular expertise in the construction trades. Crescendo has six investment professionals and five professionals with operating skills.