Charter Capital Partners, a Grand Rapids, Michigan-based investment bank, announced that its client, Advanced Service Solutions (Advanced), a portfolio company of BHMS Investments, LP (BHMS) has been acquired by Powerhouse Retail Services, LLC (Powerhouse), a portfolio company of Lincolnshire Management, Inc. (Lincolnshire).
Founded by Jeff Tunis in 2007 and based in Hammonton, New Jersey, Advanced provides facilities maintenance management, offering interior and exterior services to commercial clients nationwide. As a leading outsourced business services provider, Advanced will provide additional estimation and contractor capacity to Powerhouse’s existing facilities maintenance service offering, particularly in the pharmacy, grocery, and retail markets.
The transaction was led by Charter team members Mark Streekstra, Managing Director, Zach Wiersma, Vice President, and Mike Brown, Partner and Managing Director. “We’ve had the opportunity to get to know the Powerhouse team in their acquisition of our client Dentco and knew that the two were a great match,” said Streekstra. “We are excited to see how this acquisition grows Powerhouse’s reach and capabilities.”
“We knew that the Charter team had the right expertise in the facility services industry to help us identify the ideal acquirer,” said Jeff Tunis, Advanced Services Solutions Founder and CEO. “We are excited to join the Powerhouse team and help expand their capacity in key markets.”
“As we continue our growth strategy, we are always looking for opportunities to enhance our existing services and exceed our clients’ expectations,” said Robert Blake-Ward, Principal at Powerhouse. “Advanced has strong customer-centric teams, and we are excited to compliment Powerhouse’s service offering with this acquisition.”
“The acquisition of Advanced is a continuation of Powerhouse’s thoughtful build out of their national footprint and facility maintenance service offerings and is a testament of the team’s ability to integrate acquisitions and drive growth,” added T.J. Maloney, Chairman and CEO of Lincolnshire Management. “We are thrilled to combine these two businesses as Advanced accelerates Powerhouse’s service offering for the pharmacy as well as other end markets.”
This transaction represents Charter’s second in the facilities services industry in the last 12 months, having advised Dentco on its acquisition by Powerhouse in April 2021.
The transaction was performed by principals of Charter acting in their capacity as registered representatives of M&A Securities Group, Inc., Member FINRA/SiPC, a separate entity from Charter Capital Partners.