US private equity firm Soundcore Capital Partners LLC has completed the acquisition of PumpMan Inc, a Los Angeles-based provider of pump system maintenance, repair and new system installation.
Founded in 1976, PumpMan serves more than 2700 customers in the municipal, commercial, industrial and residential markets across Southern California.
“This acquisition of PumpMan follows our playbook of pursuing a buy-and-build strategy within fragmented industries,” said Jarrett Turner, managing partner of Soundcore.
“After identifying the pump maintenance sector as a target for investment, we spoke with more than 1000 companies and selected PumpMan for its market knowledge, service quality and systems, and focus on the end user customer,” said Feliks Zarotsky, managing partner at Soundcore. “Moreover, the entire team at PumpMan is excited about building on its success and growing the company.”
Don Devine has been named as the new CEO of PumpMan. Devine previously held CEO positions at Custom Building Products and American Standard, and was president and chief operating officer of Jacuzzi Brands.
“Having spent the better part of my career running large, global businesses, it is very exciting to get in on the ground floor with a business like PumpMan,” said Devine. “I spent the past six months working with Jarrett, Feliks and the Soundcore team to identify the right business to invest in, and now it’s time to put our plan to work.”
PumpMan founder Eric Skjarstad will continue in his role as president.
“I’m very proud of the business we built over 40 years and am excited for PumpMan’s future under its new ownership,” said Skjarstad. “I know that with Soundcore and Don Devine, the company is in great hands.” Devine, Turner and Zarotsky have joined the PumpMan board of directors.
