ThyssenKrupp Safway Sold to Odyssey Investment Partners; Becomes Safway Services
WAUKESHA, Wis. - Dec. 17, 2009 - ThyssenKrupp Safway, an industry leader in scaffold products and services throughout the U.S. and Canada, announces its parent company, ThyssenKrupp AG, has sold Safway and its Canadian subsidiary to Odyssey Investment Partners, LLC (Odyssey), a U.S. private equity firm. The sale was completed yesterday. The parties have agreed not to disclose the purchase price.
After officially being named ThyssenKrupp Safway for nearly three years, the company is returning to its former name, Safway Services. "Our Safway brand is strong and synonymous with scaffolding and will continue to be recognized as the industry standard. We are returning to our familiar brand name and have given our Safway logo an updated look," said Safway's President and Chief Executive Officer Marc Wilson.
The U.S. entity has changed its name to Safway Services, LLC and its Canadian subsidiary becomes known as Safway Services Canada, Inc.
Douglas Rotatori, a Managing Principal of Odyssey Investment Partners, said, "Odyssey has an extensive history of building businesses in the equipment rental and industrial services industries. Safway is a leader in the access services sector that has performed exceptionally well and its prospects as an independent company are very attractive. We are proud to partner with the Safway management team to enhance the company's growth prospects and long-term value."
Wilson will continue to serve as Chief Executive Officer and the Safway management team will remain in their current positions under Odyssey's ownership.
Wilson said, "Odyssey is an excellent partner for Safway given its significant experience investing in businesses similar to ours on a global basis. We are optimistic that this new relationship will create attractive opportunities for our customers and employees as we grow in our markets."
About Safway Services
Founded in 1936, Safway Services has its headquarters in Waukesha, Wis. Ninety locations throughout the U.S. and Canada provide scaffolding products and services to our customers. We provide sales, rental, labor services, training, engineering, design, project management, and computerized inventory management. Safway has the expertise to perform in several major markets, including commercial, petrochemical, power, bridge and special events.
Safway Services, LLC (Formerly ThyssenKrupp Safway, Inc.)
Office: 262.523.6296
Toll Free: 800.558.4772
www.safway.com
