Powerhouse’s Acquisition of Security Vault Works
Security Vault Works Deepens Its Footprint in the Banking and Finance Industry
Powerhouse, a national construction, facilities maintenance and rollout service provider, announced the acquisition of Security Vault Works, Inc. (SVW) with expanding its banking and finance industry presence. Security Vault Works is recognized as the largest full-service provider of self-service kiosks and ATM installations, replacement, repair, maintenance, and upgrades. With its highly respected nationwide reputation, the company brings to Powerhouse deep expertise earned from more than three decades of quality execution and customer care. This merger marks the first milestone in Powerhouse’s strategy to expand its position in high-growth markets through acquisitions.
“Powerhouse’s high-volume growth over the past sixteen years has been entirely organic,” said Robert Blake-Ward, Principal, Powerhouse. “Our strategy today is to identify and integrate likeminded companies that show an intense commitment to the work we do. SVW has a strong heritage of phenomenal customer support and smart, strategic capabilities development within the financial services space. We have tremendous respect for the brand its leadership has built. We look forward to enabling its future evolution by backing the company with our broad and deep resources—from proven project management tools and experienced internal staff to an extensive network of vetted subcontractors and vendor relationships.”
Security Vault Works was founded in 1987, establishing its foothold initially as a regional and then national ATM installation company—having earned the necessary banking equipment certifications to verify its capabilities. Through these programs, SVW evolved its services to include complementary facilities maintenance and program management projects supported by nine hubs across the U.S. The expansion of its portfolio and reach fueled aggressive growth yielding 225 percent increase in revenues over a four-year period prior to the acquisition.
“We’ve built deep relationships with our customers because SVW offers a smart suite of services with a culture of care synonymous with family-run businesses. We aim to preserve that,” said Nick Pellegrino, President, SVW. “We have the knowledge, the experience, and the reputation. We’re now looking forward to working with Powerhouse as access to their larger infrastructure will prove instrumental to our continued success.”
Powerhouse’s comprehensive services platform includes construction (remodel and refresh projects), facilities maintenance, exterior services, and rollouts. Current markets include banking and finance, commercial real estate, healthcare, hospitality, multifamily dwellings, and retail. The company anchors its brand on strategic investments in people, process, and technology—taking special care to staff projects with appropriately skilled experts focused on each element of a job.
Earlier this year, thirty-year operations veteran Nick Pellegrino was brought on as President of SVW and will oversee the execution of the companies’ successful merger. Mr. Pellegrino previously served as Executive Vice President and General Manager of Fulfillment and Parcel Services at Newgistics. In that role, he played a key role orchestrating the company’s sale to Pitney Bowes in 2017. He then led the post-merger integration while growing the business to nearly $650 million in revenue at the end of 2019.
“Our technologies and mindset were well-aligned from the start. We are currently in the stage of adapting best practices as we scale to support a larger number of clients with a broader set of capabilities,” added Nick Pellegrino, President, SVW. “As our two organizations merge, we are now bringing to customers a best-in-class partner for all facilities services and program management needs.”
Powerhouse and SVW joined forces given their shared missions and business objectives with an investment by Lincolnshire Management, Inc. Collectively, the two companies now staff more than 650 employees with a network of more than 10,000 subcontractors. Lincolnshire, an operationally focused middle market investment firm, and Powerhouse management are actively pursuing additional businesses to complement the company’s capabilities in existing and new markets.