No changes expected in services, staffing for Manitoulin area
HAZLETON, PENNSYLVANIA—DBi Services, which has the Manitoulin Island roads contract, has announced the company has partnered with Sterling Partners, a growth-oriented investor based in Chicago. In working with Sterling, DBi now has a committed financial partner who is entirely focused on DBi’s future success.
“Ontario’s roads are among the safest in North America and we are committed to keeping it that way,” Mark Robinson, president/COO, of DBi Services, told the Recorder on Tuesday. “DBi is committed to continuing to meet the requirements of their road maintenance contract with the Ministry of Transportation. DBi’s new partnership with Sterling Partners will have no impact on highway maintenance in the Manitoulin/Sudbury area. No staff impacts are anticipated as a result of the new partnership.”
“This is an exciting new chapter for our company and our community, but in many respects, things at DBi will not change,” said Paul DeAngelo, who founded the business with his brother Neal, in a release. “I know I personally have the same passion and excitement about DBi’s future as I did 38 years ago. The DBi name is staying the same, and we are staying committed to Hazleton (Pennsylvania) and growing our business. We now have a committed financial partner who we have gotten to know very well over the past nine months, whose entrepreneurial culture and growth-oriented mission tightly aligns with our family-oriented culture and mission. Bringing in Sterling gives us access to additional resources, strategic industry relationships and operational best practices that will create jobs and promotion opportunities, and have a positive impact on our local community and beyond.”
Founded in 1978, DBi began as a small commercial residential maintenance company working for friends and neighbours. Since its founding, the DeAngelo brothers have re-invested 90 percent of the profits back into the business. Over the past 38 years, DBi has grown at an average annual rate of 15 percent and now generates several hundred million dollars in revenue per year, with more than 1,500 employees in 50 locations around the world. With Sterling’s support, the company will maintain its ambitious growth objectives and a goal to double or even triple the size of the business over the next several years, the release continues.
“While DBi will continue to run its business in the same way with the same vision, the partnership with Sterling allows DBi to invest in more resources, build upon its position as a market leader, offer many additional career development opportunities and job stability, and further support its customers in the United States and abroad. For 20 years, Sterling has helped businesses in the industrial services sector mitigate risk while increasing revenue, efficiency and quality,” says the DBi release.
“This step is a natural progression in the long life of our business. We felt it was time to proactively prepare for the next phase of DBi by bringing in the right partner,” said Neal DeAngelo. “DBi was built on a culture of taking care of our employees and our customers, and providing the highest levels of service and satisfaction. That will continue tomorrow and well into DBi’s future.”
“We see a lot of investment opportunities, but it is not often we see one as exciting as DBi,” said Matt Hankins, principal at Sterling Partners. “As former entrepreneurs ourselves, we’ve always had a strong appreciation for the people who run the business. We believe in investing in people and we will do that here, just as Paul and Neal have done over the years, to catalyze DBi’s growth.’’