Industrious Group

Situation

ITOCHU International Inc. and Industrious Group are working to become the leading North American solutions provider for heavy industrial machinery and equipment, bringing together innovative technologies and best-in-class engineering to deliver single-source solutions for the modernization, maintenance, and repair of industrial equipment, facilities, and complex manufacturing systems, through a targeted M&A effort.

Engagement

G2 Capital Advisors, LLC (“G2”) served as the exclusive buy-side advisor to Industrious Group & ITOCHU International Inc., leading a strategic M&A effort focused on identifying and engaging with potential acquisition candidates in the renewable MRO services sector. Industrious Group and ITOCHU International Inc. partnered with G2 to leverage the firms’ deep-rooted expertise across the Industrials and Manufacturing practice area, particularly within the Industrial Equipment MRO segment.

Outcome

In May 2023, Industrious Group, having been rebranded from Enprotech Corp., successfully executed the transaction through the acquisition of American Hydro, a leading provider of hydropower turbine services to customers throughout North America.

American Hydro was previously owned by Wärtsilä, a global leader in technology and lifecycle solutions for the marine and energy markets. American Hydro is a supplier of hydro upgrades, specializing in the design, engineering, manufacture, installation and servicing of high-performance hydro-turbines and pumps. The business has a full-service modernization offering and capabilities for hydropower plants across North America.

Chris Pascarella, CEO of Industrious Group Corporation commented “The Industrious Group is thrilled to join forces with American Hydro and leverage each other’s expertise to build out a more diverse business unit within the renewables and heavy industrials service market. With the support of our partners, ITOCHU, we have been examining the Hydro landscape and are optimistic in our ability to penetrate this market with Industrious Group’s existing infrastructure, American Hydro’s specialization, and ITOCHU’s global position. We thank the G2 team for running an efficient and collaborative mandate in helping our team partner with the highly reputable American Hydro business.”

Victoria Arrigoni, Managing Director of Industrials and Manufacturing at G2 Capital Advisors commented “It has been an honor to be a part of expanding ITOCHU’s footprint in the hydropower and renewables market. The opportunity for ITOCHU to expand to the hydropower space is a pivotal moment for their machinery division’s go-to-market strategy and positions the group well for further expansion into the renewable energy and other industrial end markets.”