WAYNE, PA — Argosy Private Equity has announced an investment in Groome Industrial Service Group, a New Jersey-based provider of specialty maintenance services serving industries from power generation to aviation.
Founded in 1969 and headquartered in Denville, Groome delivers services including heat recovery steam generator (HRSG) and catalyst maintenance, industrial cleaning, coatings, and hangar door design and maintenance. The company emphasizes safety, quality, and collaboration while supporting clients nationwide in improving equipment performance and extending asset life.
Argosy has partnered with Groome since 2019, implementing its Value Acceleration Methodology (VAM™) to drive growth and operational improvements. Under this approach, Groome expanded its geographic footprint, diversified its service lines, and completed strategic acquisitions including ExPro, Blasting Solutions, and W-S Companies. These efforts contributed to EBITDA growth of more than 900% during Argosy’s hold period.
“Groome’s strategic acquisitions have opened significant new avenues for growth, enabling the company to better serve its customers and unlock cross-selling opportunities across power and industrial markets,” said Keven Shanahan, Managing Partner of Argosy Private Equity.
Lane Wiggers, also a Managing Partner at Argosy, added that collaboration with Groome leadership has helped expand the sales team, strengthen the finance function, and broaden service offerings, creating a solid foundation for continued growth.
Groome’s president and CEO, Jeff Bause, emphasized the company’s long-term focus on people and culture. “Over the past two decades, I’ve been proud to see Groome evolve into a well-established, employee-focused organization with a strong culture and shared commitment to excellence,” Bause said. “Our ongoing collaboration with Argosy has been invaluable in advancing our mutual goals and positioning Groome for future success.”
The investment marks another step in Argosy’s strategy of partnering with middle-market businesses to accelerate growth through strategic expansion and operational improvements.
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