Steadpoint acquires Northline Industrial to launch Trinity Hunt MRO platform
Steadpoint has acquired Northline Industrial as Trinity Hunt’s first MRO platform investment; deal terms were not disclosed.
By Marcus V. Thorne · Markets Editor
· 2 min read
Steadpoint Industrial Services has acquired Northline Industrial, making the Detroit repair-services company the initial investment in a newly formed industrial maintenance, repair and operations platform backed by Trinity Hunt Partners. Financial terms of the Steadpoint acquisition of Northline Industrial were not disclosed.
Angle Advisors announced the transaction on August 3, after Trinity Hunt disclosed on July 30 that it had formed Steadpoint with an investment in Northline. The adviser represented Northline as its exclusive investment-banking adviser in the sale.
The deal gives Trinity Hunt an entry point into industrial MRO services, which cover maintenance and repair work used by manufacturers, distributors and other industrial customers to keep equipment operating. Northline repairs industrial, mechanical and robotic equipment and also provides field services, outsourced repair, equipment sales, staffing and integration services.
What does Steadpoint’s acquisition of Northline Industrial include?
Founded in 2006, Northline is headquartered in Detroit and operates five business units in Michigan, Indiana and North Carolina. It serves more than 375 customers a year, with recurring maintenance relationships among its stated areas of focus.
Steadpoint will bring together specialist aftermarket MRO providers serving industrial customers across the United States. Its stated approach is to work with established local operators while supplying shared resources and operational support, retaining local expertise, customer relationships and company cultures.
Garrett Greer, a partner at Trinity Hunt, said automation and advanced manufacturing were driving increasing and recurring demand for industrial MRO services. He described Northline’s technical capability and repair services as the foundation for Steadpoint’s next phase of expansion.
Trinity Hunt said it intends to grow Steadpoint through further acquisitions and internal initiatives, including development of its commercial capabilities. The firm said the platform is seeking additional partnerships with industrial MRO service businesses in the United States.
Steadpoint has appointed Courtney Pernat as chief financial officer and Ross Morgan as chief development officer. Kirkland & Ellis advised Trinity Hunt legally, according to the firm’s announcement.
Trinity Hunt manages more than $2 billion of assets, according to the private-equity firm. The industrial MRO platform acquisition provides its first disclosed investment in Steadpoint.