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Harvest Partners Acquires Aquilex Corp.
February 5th, 2007 No comments
Harvest Partners, LLC (“Harvest Partners”), a New York-based private equity investment firm specializing in management buyouts and growth financings of middle-market companies, announced recently that it has acquired Aquilex Corp. (“Aquilex” or the “Company”) and its subsidiary Welding Services, Inc. (“WSI”) from First Reserve. The Company is the leading global provider of outsourced specialty welding solutions, providing critical field and shop services to the nuclear, fossil power, refinery/petrochemical, and other process industries. Terms were not disclosed.
WSI offers welding services that mitigate erosion and corrosion through the application of an alloy metal overlay as well as repair technology solutions for high stress equipment and components operating in harsh environments. These services enhance, re-establish, or preserve the mechanical and structural integrity of such equipment that can either repair existing equipment or improve the efficiency and service life of new or functioning equipment. With domestic and international operations and sales offices, the Company has the ability to efficiently plan and service its customers’ scheduled maintenance requirements and rapidly mobilize in response to emergency repair situations. WSI has in excess of 900 customers, serviced by more than 1,400 full-time and contract employees.
Michael B. DeFlorio, Senior Managing Director at Harvest Partners, said, “We are excited to work with Aquilex CEO Bill Varner and CFO Jay Ferguson, and the rest of their team. They have successfully repositioned Aquilex for growth, increasing margins, strengthening the Company’s service offering, entering new markets, and solidifying the Company’s reputation in the market place.”
Christopher D. Whalen, Vice President at Harvest Partners, said, “We believe that Aquilex is well positioned to capitalize on the positive trends in the energy market that are accelerating the demand for specialty welding solutions. Evolving operator and regulatory requirements have placed greater stresses on our aging energy infrastructure, thereby increasing maintenance needs.”
Bill Varner, President and CEO of Aquilex, added, “The management team of both Aquilex and Welding Services are excited by the opportunity to partner with Harvest Partners and further implement our strategy of providing complementary and value added services to our customers.”
Harvest Partners Associate David Schwartz also worked on the transaction.
Aquilex Corp. is the leading global provider of outsourced specialty welding solutions, providing critical field and shop services to the nuclear, fossil power, refinery/petrochemical, pulp and paper, and other process industries. The Company has in excess of 900 customers, serviced by more than 1,400 full-time and contract employees. The Company has two shop facilities located in Norcross, Georgia, and Radom, Poland. During 2005, the Company completed approximately 320 projects for 265 customers in over 20 countries.
For more information, please visit: www.aquilex.com/index.htm
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