Soundcore Capital Partners, a control-oriented, New York-based private equity firm that invests in lower middle market businesses, announced it has acquired, in partnership with management, Sweeping Corporation of America, Inc. The acquisition was made in partnership with Sweeping Corp. management.
Soundcore said it had simultaneously closed on Sweeping Corp.’s sister company, Sani-Tech JetVac Services. Terms of the private transaction were not disclosed.
Headquartered in Nashville, TN, Sweeping Corp. of America provides street sweeping, catch basin cleaning & ancillary services to the Southeast region of the United States. With eight facilities strategically located throughout Tennessee, Alabama, Georgia, North Carolina, Kentucky, Arkansas, Mississippi, and Louisiana, Sweeping Corp. of American maintains more than 25,000 miles of roadways and parking lots each month for states, municipalities, airports, as well as industrial, residential and commercial facilities.
“After founding this business 30 years ago, I am so grateful to reflect on the success we’ve achieved thus far, and I am excited for the future of the company as it enters a new era.” said Sweeping Corp. founder Tom Rice. “Finding the right partners, who act with integrity, respect and passion, was crucial for me in taking the next step. I am excited to see Sweeping Corp. continue to grow into a national leader in the street sweeping industry.”
Feliks Zarotsky, Soundcore managing partner. “We spoke with many great companies before selecting Sweeping Corp as our third platform as well as its first add-on, Sani-Tech, both chosen for their strong operations and management.”
“We are extremely eager to join forces with both Sweeping Corp and Sani-Tech to build upon the strong success they have achieved to-date under the management of Tom Rice and his team,” said Jarrett Turner, Soundcore managing partner. “The partnership solidifies our approach of pursuing healthy, need-to-have, buy-and-build investments in highly-fragmented, niche markets.”
Founded in 2015, Soundcore Capital Partners is a New York City-based private investment firm specializing in control equity investments and leveraged buyouts of lower middle market businesses headquartered in the United States or Canada. The firm said it 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 and investment brokers rather than traditional bank auction processes, 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 14 companies.