HOUSTON--(BUSINESS WIRE)--PSC, a portfolio company of Littlejohn & Co. LLC, and Aquilex Holdings, LLC, owner of HydroChem and a portfolio company of Centerbridge Partners, L.P., today announced they have signed a purchase agreement whereby PSC will acquire all of the outstanding ownership interests of Aquilex, combining both PSC and HydroChem to create the premier industrial cleaning and environmental services company in North America.
The combined company will be led by executives from both organizations: Gary Noto, HydroChem’s current CEO, will serve as the company’s Vice Chairman and a member of the board; and Brad Clark, CEO of PSC, will serve as its CEO and President, and will also join the board.
“This combination will provide our customers with the safest and most efficient operational experience, and ensure our employees receive the most comprehensive training and career development opportunities,” said Mr. Clark. “PSC and HydroChem both share rich histories, a strong commitment to our people and deep values that promote safety, craft apprenticeship and collaboration.”
Mr. Noto added, “The new company will have a deep operational bench, more than 5,000 employees, and, when combined with our industry leading automation technology, will create exceptional value for clients with challenging maintenance needs.”
Michael Kaplan, a Managing Director at Littlejohn & Co., commented: “We are excited to bring together two great companies under combined leadership that represents the best talent in the industry.”
Kyle Cruz, Senior Managing Director at Centerbridge Partners said, “We are proud to have partnered with HydroChem's senior management team and its dedicated employees to revitalize the business over the past five years. Given the strong momentum in HydroChem's business, this combination with PSC will allow it to provide its differentiated offering to new customers.”
The combination is subject to customary closing conditions and is expected to close later this year promptly following termination of the applicable waiting period under the HSR Act.
PSC is a leading provider of specialty maintenance services and technology solutions to the critical energy infrastructure in the United States. PSC has built a strong business platform by partnering with clients who value safety, the most modern and productive equipment in the industry, a deep bench of engineering talent and the highest standards for environmental compliance. The heart of our organization comes from our dedicated employees and we are so proud to have the most experienced, best-trained professionals in the industry. Our service culture puts our clients and us on the same side of the table, working as partners to transparently identify ways to reduce wastes, costs and liabilities.
HydroChem LLC is a leading provider of industrial cleaning solutions to the petrochemical production, oil refining, and other energy end-markets. HydroChem serves a diverse base of blue-chip customers and has industry-leading safety results, highly innovative automation technologies and specialty services, and best-in-class project supervision personnel and field equipment. The company’s core services, which include hydroblasting, industrial vacuuming, chemical cleaning, tank cleaning, and paint booth management services, are essential to improving or maintaining the efficiency and operability of customer facilities as well as extending the useful lives of process equipment and facilities.
About Littlejohn & Co., LLC
Littlejohn & Co. is a Greenwich, Connecticut-based investment firm focused on private equity and debt investments primarily in middle market companies. With over $4 billion under management, the Firm seeks to create long-term value for its investors and build sustainable success for its portfolio companies through a disciplined approach to engineering change. For more information about Littlejohn, visit http://www.littlejohnllc.com.
About Centerbridge Partners, L.P.
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines—from private equity to credit and related strategies, and real estate—in an effort to find the most attractive opportunities for our investors and business partners. The Firm was founded in 2005 and as of July 2017 has approximately $29 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies to help companies achieve their operating and financial objectives. For more information, please visit www.centerbridge.com.