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BlackEagle Partners Buys Instar
Disaster response unit is the third acquisition by BlackEagle’s debut fund.
August 21, 2008
BlackEagle Partners LLC, a Michigan-based special situations private equity group, bought InStar Services Group, an asset of ServiceMaster Co., a portfolio firm belonging to PE shop Clayton, Dubilier & Rice.
The Texan company provides disaster response, insurance restoration and reconstruction services from 14 branches on the East Coast, Southeast and in Texas. It also includes services not directly pertaining to disasters, including fires, floods, water-line breaks and storm damages. InStar offers structural maintenance, also.
BlackEagle's other investments include a partnership with Apollo Management to buy Federal Broach & Machine Co. and, seperately, Rockford Products Corp., according to its Web site.
Garrett Kanehann, partner of BlackEagle, added, “InStar’s strong management team and broad geographic footprint will allow us to serve the needs of customers throughout the United States.”
InStar’s management team will retain “a significant stake,” according to the joint press release issued; Dave Demos will remain as president and chief executive.
Michael DuBay of Honigman Miller Schwartz and Cohn LLP represented BlackEagle in the acquisition and Alvarez & Marsal Transaction Advisory Group provided financial and accounting diligence, according to the statement. Morgan Keegan & Company represented InStar and ServiceMaster.
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