Harvest Partners, LLC ("Harvest Partners"), a leading, New York-based
private equity investment firm specializing in management buyouts and
growth financings of middle-market companies, announced today that it
has agreed to sell Aquilex Holdings, LLC ("Aquilex" or the "Company") to
Teachers’ Private Capital, the private
investment arm of the Ontario Teachers’
Pension Plan. The transaction is scheduled to close in December and is
subject to regulatory approvals.
Aquilex is the leading provider of mission-critical and routine
maintenance, repair and industrial cleaning services to the oil
refining, fossil power, nuclear, petrochemical and waste-to-energy
industries. With 2007 revenues in excess of $550 million, the Company is
headquartered in Atlanta, Georgia and has more than 5,000 employees in
locations across the United States and Europe.
Michael B. DeFlorio, Senior Managing Director at Harvest Partners said,
"It has been a pleasure working with Aquilex CEO Bill Varner and CFO Jay
Ferguson, and the rest of their team. We have successfully grown Aquilex
from a $170 million specialty welding business to a $550+ million, world
class industrial services provider through organic growth and multiple
acquisitions. The ability to sell Aquilex in such unprecedented economic
times is a testament to the quality of management and the business.”
Christopher D. Whalen, Principal at Harvest Partners said, "Aquilex was
a compelling investment opportunity due to the strength of its
management team and positioning at the nexus of favorable trends in
energy and industrial services.”
Bill Varner, President and CEO of Aquilex added, "Harvest was a great
partner as they shared our vision for the Company and worked tirelessly
to help us realize this vision. Together with Harvest we have built a
leading industrial services platform that is well positioned for future
growth."
About Harvest Partners
Founded in 1981, Harvest Partners is a New York-based private equity
investment firm, pursuing management buyouts and growth financings of
middle-market businesses. Focused on general industrial, business
services, consumer, retail and value-added distribution businesses,
Harvest Partners has over 26 years of experience investing in domestic
as well as multinational companies.
For more information on Harvest Partners, please visit the web site at www.harvpart.com.
For Harvest Partners:
Michael B. DeFlorio, 212-599-6300
Senior
Managing Director
mdeflorio@harvpart.com
or
Christopher
D. Whalen, 212-599-6300
Principal
cwhalen@harvpart.com
or
Lisa
Baker, 914-725-5949
lisa@blicksilverpr.com
