ThyssenKrupp sells Safway division
By Lindsey Anderson18 November 2009
Safway specializes in renting, erecting and selling scaffolding along with related engineering, training and safety services.
There are more than 90 Safway locations in the US and Canadian markets and its workforce is around 5,000. Odyssey is acquiring both ThyssenKrupp Safway, Inc., in Wisconsin as well as its Canadian subsidiary ThyssenKrupp Safway, Inc. in Alberta.
Safway operates in both the commercial construction sector as well as a service provider for large industrial companies in the energy and industrial markets.
"Odyssey has a long and successful history investing and growing businesses in the equipment rental and industrial services industries," says Douglas Rotatori, managing principal of Odyssey Investment Partners.
"Safway has posted outstanding financial performance under ThyssenKrupp's ownership. The company is a leader in the scaffolding sector, with strong prospects, and acquiring this business presents an attractive opportunity to build on our record.
"We look forward to working with Safway's management to enhance the company's long-term value."
The sale has solidified ThyssenKrupp'ss restructuring of its industrial services operations with the materials services business area.