OnPoint Group Announces Sale of Power Business to Mitsubishi Heavy Industries
PERRYSBURG, Ohio–(BUSINESS WIRE)–#acquisition—OnPoint Group today announced that it has completed the sale of its power business, Concentric LLC (Concentric), to Mitsubishi Heavy Industries Ltd (MHI). The divestiture reflects OnPoint Group’s longstanding commitment to providing distributors, retailers and other commercial properties with the critical facility services they need to boost productivity, maintain safety and drive cost-savings. It focuses OnPoint on its core strategy based in servicing facility needs through the group’s companies Miner, TrueSource and TFS.
Tom Cox, Chief Executive Officer of OnPoint Group, said: “I am thrilled for the Concentric team – power is an evolving space and MHI is the perfect home to leverage the value Concentric has built creating a national footprint in forklift and critical power while supporting expansion into the data center market and other new power areas. We look forward to continuing to service our joint customers. I am also excited to enable our teams to invest their time and efforts on our core customers’ needs connected to critical facility services. This step forward supports that mission as we hone-in on what our partners need most from OnPoint Group when it comes to critical services.”
Financial terms of the agreement are undisclosed. Baird served as lead financial advisor to Concentric and OnPoint Group. White & Case LLP served as legal counsel to Concentric and OnPoint Group.
About OnPoint Group
OnPoint Group is the only national brand independent service and equipment provider supporting manufacturers, retailers and distributors for all of their material handling and facility maintenance needs. Divisions include Miner, TrueSource and TFS, specializing in forfklift fleet management, forklift power, docks, doors and other critical facility maintenance needs. Headquartered in Perrysburg, OH, OnPoint Group’s more than 2,500 industry professionals and 40,000 service affiliates support system-wide improvements, total cost control, safety, productivity and risk mitigation through custom engineered solutions and data-driven decisions. For more information, visit www.onpointgroup.com.
OnPoint Group, Suki Altamirano, [email protected]