Industrial Container Services (ICS) has been acquired by Wingate Partners, a Dallas, Texas-based private equity firm.

ICS was a portfolio company of CIC Partners, a Dallas, Texas-based private equity firm. Piper Jaffray served as exclusive financial advisor to Industrial Container
Services, LLC and CIC Partners. Terms of the deal were not disclosed.

About ICS

Industrial Container Services, based in Montbello, California, is the largest supplier of products and services in the highly fragmented $600 million steel drum reconditioning industry, a subsegment of the $1.9 billion industrial container industry.

Within the container reconditioning industry, ICS is the market leader with net sales of approximately $80 million. ICS is the only nationwide steel drum reconditioner, serving as a single-source provider of procurement and disposition services to meet the needs of its diverse, blue-chip customer base, including leading food processing, chemical, petroleum, paint and adhesive companies.

About CIC Partners

CIC Partners is a middle market private equity firm. Over the past 30 years, CIC Partners has successfully partnered with more than 40 companies spanning 14 industries, with combined revenues of more than $2.5 billion.