Bradley Jones, Co-Chief Executive Officer of JIH, said:
“Our new partnership with Oaktree not only strengthens our financial position for future growth strategies, but also enhances the leadership and expertise of our existing team, ultimately enhancing the value we bring to our current and future customers.”
UPS’s mission is to provide world-class integrated specialty services designed to maximize the performance of critical energy assets. The Company serves owners of various types of energy infrastructure through eleven service offerings, providing maintenance, repair and installation services for rotating, fixed, reciprocating and electrical equipment. The Company will continue to acquire, integrate and enhance client operations across the spectrum of its specialty services.
Reagan Busbee, President and Chief Operating Officer of UPS:
“The UPS team is known for its agility and commitment to grow the Company in ways that are important to our customers, especially as markets evolve. Our partnership with Oaktree exemplifies our relentless pursuit to strengthen UPS across our management platform for financial, operational and procedural excellence, thus furthering our ability to cultivate our internal team and provide best-in-class services to our clients,”
Michael Cardito, Managing Director and Co-Portfolio Manager of Oaktree's Power Opportunities strategy, said,
“UPS has a proven track record of smart, strategic growth aimed at enhancing its offerings to customers. We’ve known the UPS team for more than a decade, and we’re thrilled to partner with the Company at this exciting point in its history. We’ll bring to bear our capital, industry relationships and complementary portfolio companies to actively support UPS in its continued expansion.”
Stewart Jones, Co-Chief Executive Officer of Jones Industrial Holdings.
“UPS is grateful to MML Capital Partners who has been a trusted partner since 2016 and supported our management team over the past four years,”
Mark Evers, a Partner at MML Capital Partners, said,
“UPS is an impressive industrial services platform that has grown significantly in recent years. It has been our pleasure to work with the senior leadership team and the Board. We wish them continued success in the years ahead.”
About Universal Plant Services
Universal Plant Services, a Jones Industrial Holdings company, is one of North America’s largest comprehensive specialty service providers for the energy industry — providing maintenance, repair and installation services for rotating, fixed, reciprocating and electrical equipment. With headquarters in Houston, Texas, UPS employs 3,000 highly trained individuals with 16 full-service facilities that specialize in daily maintenance, turnarounds and capital projects. For more information, please visit universalplant.com.
About Jones Industrial Holdings
Jones Industrial Holdings, headquartered in Houston, Texas, is a privately held holding company for Universal Plant Services and its affiliates. UPS is one of the largest specialty service providers for rotating and fixed equipment to the refining, petrochemical, power generation and offshore industries in the United States. For more information, please visit jonesindustrial.com.
Oaktree is a leader among global investment managers specializing in alternative investments with $122 billion in assets under management as of June 30, 2020. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree's website at oaktreecapital.com.
About MML Capital Partners
Since 1988, MML Capital Partners has invested more than $2 billion through its affiliated funds in more than 100 companies in the United States, United Kingdom and Europe. During this time, we have worked as an active financial partner to grow middle market businesses through organic expansion, add-on acquisitions and other strategic initiatives. Our focus is to back leading management teams who own a meaningful equity stake and seek a key financial partner to take their business to the next stage of evolution. For additional information, please visit mmlcapital.com