Morgan Stanley Capital Partners

Buy-side

Exclusive Financial Advisor, July 2021

Investment funds managed by Morgan Stanley Capital Partners has acquired a majority stake in AST Holdings, LLC, a portfolio company of Align Capital Partners

Founded in 2012, Alliance is a leading provider of non-discretionary environmental Testing, Inspection, Certification and Compliance (“TICC”) services. Alliance performs rigorous testing and monitoring of air samples through two main procedures: Stack testing and Leak, Detection and Repair (“LDAR”) testing. Customers include companies across a handful of end markets such as Chemicals, Power Generation, Refineries, Industrial Manufacturing, Mining / Mineral Processing, Consulting & Environmental Services, Midstream Energy and Metals. Alliance has distinguished itself as the leading provider dedicated to recurring, non-discretionary air emissions solutions within the highly fragmented multi-billion dollar environmental TICC market. Characterized by a combination of robust organic growth and strategic M&A, Alliance will look to continue its growth in core sectors while also expanding into relevant adjacencies. The Company is led by a seasoned management team that has proven its ability to support customer needs and is motivated to continue growing the business.

MSCP is a middle-market private equity firm headquartered in New York focused primarily on North America. The Company focuses on value creation through management and operational improvements, value-added oversight, strategic add-on acquisitions and thoughtful recapitalizations. MSCP has an extensive portfolio of companies across industries such as Business Services, Industrials, Education, Consumer and Healthcare and typically invests in companies with up to $75M of EBITDA.

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