HOUSTON--Power generation and HVAC specialty rental company, Aggreko plc, has acquired DRYCO, LLC of Chicago, Illinois for an undisclosed amount. DRYCO was founded in 2000, and specializes in moisture control, drying, heating, and cooling applications within the shipping, manufacturing, food processing, construction, and industrial painting industries.
It has 10 full-service locations in North America, and has built a strong customer base in its targeted industries, which complement Aggreko’s growth strategy. The acquisition will add more than 60 experienced employees and approximately 6,000 specialized assets to Aggreko’s fleet.
“This acquisition of DRYCO combines the deep technical strength of two highly respected market leaders and provides our customers with an unparalleled range of services that address their HVAC and moisture control needs,” said Mel Parker, Managing Director, Aggreko North America. “We are pleased to have DRYCO join the Aggreko team, enabling us to accelerate growth and meet the rapid demand for our services in the shipping, food and beverage, and painting and coatings industries.”
Joe Schroeder, CEO of DRYCO, said: “DRYCO is excited to join forces with Aggreko to become the leading provider of drying and dehumidification services. Our teams share the same passion and commitment to service excellence, and we look forward to working together to further grow Aggreko’s business.”
Aggreko plans to fully integrate the operations of DRYCO into its North America business and is developing expansion plans to enter additional sectors and global markets.
Aggreko plc is the leading global provider of modular, mobile power and adjacent product solutions. Aggreko employs more than 7,300 people operating from 204 locations. In 2015 we served customers in about 100 countries, and had revenues of approximately GBP 1.6bn (USD 2.6bn or Euros 2.0bn). Aggreko plc is listed on the London Stock Exchange (AGK.L) and is headquartered in Scotland.
Aggreko is comprised of two business units: Rental Solutions and Power Solutions.
In the Rental Solutions business, we operate in developed markets and develop solutions for, and hire our equipment to, customers who then operate it for themselves, although we retain responsibility for servicing and maintaining it. We operate across all sectors in the market, but are heavily involved in oil and gas, petrochemical and refining, mining and events.
In the Power Solutions business, we operate in emerging markets as a power producer. We install and operate modular, mobile power plants for both utility and industrial customers and we charge both for providing the generating capacity, and for the electricity we produce. In our Industrial business, as in Rental Solutions, we are market leaders in oil and gas, petrochemical and refining and mining, whilst our utility business helps countries solve their power shortages.
We design and manufacture equipment specifically for these requirements in our factory in Dumbarton, Scotland.