OnPoint Group sells Concentric, citing focus on critical facility services sector

OnPoint Group today announced that it has completed the sale of its power business, Concentric LLC, to Mitsubishi Heavy Industries (MHI). The divestiture reflects OnPoint Group’s longstanding commitment to providing distributors, retailers and other commercial properties with the critical facility services they need to boost productivity, maintain safety and drive cost-savings, OnPoint Group noted.

OnPoint Group added that the deal focuses on its core strategy of servicing facility needs through the group’s companies Miner, TrueSource and TFS.

Tom Cox, Chief Executive Officer of OnPoint Group, said: “I am thrilled for the Concentric team – power is an evolving space and MHI is the perfect home to leverage the value Concentric has built creating a national footprint in forklift and critical power while supporting expansion into the data center market and other new power areas. We look forward to continuing to service our joint customers. I am also excited to enable our teams to invest their time and efforts on our core customers’ needs connected to critical facility services. This step forward supports that mission as we hone-in on what our partners need most from OnPoint Group when it comes to critical services.”

Financial terms of the agreement are undisclosed. Baird served as lead financial advisor to Concentric and OnPoint Group. White & Case LLP served as legal counsel to Concentric and OnPoint Group.

OnPoint Group's divisions include Miner, TrueSource and TFS, specializing in forfklift fleet management, forklift power, docks, doors and other critical facility maintenance needs.