Harris Williams & Co. Advises HydroChem on its Pending Sale to PSC

August 23, 2017

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that it is advising Aquilex Holdings, LLC, owner of HydroChem, on its pending sale to PSC, a portfolio company of Littlejohn & Co. HydroChem, a portfolio company of Centerbridge Partners, L.P. (Centerbridge Partners), is a provider of industrial cleaning solutions to the petrochemical production, oil refining and other energy-related businesses. The transaction is being led by Drew Spitzer, Matt White, Neha Shah and Michael Drummond of Harris Williams & Co.’s Energy, Power & Infrastructure (EPI) Group.

“HydroChem has distinguished itself as an industry leader in industrial cleaning through a proven track record of innovative technology, automation capabilities and safety excellence. We are thrilled to represent HydroChem’s shareholders and management on the pending merger of two great companies,” said Drew Spitzer, a managing director at Harris Williams & Co.

“HydroChem marks our 10th successful infrastructure services transaction in the last 18 months for Harris Williams & Co. and the EPI Group. We have advised on more than 40 total infrastructure services transactions, a track record which includes advising HydroChem on three prior transactions as well as PSC on its sale to Littlejohn & Co.,” said Matt White, a managing director at Harris Williams & Co. “The combination of the two platforms positions the business for substantial growth, and we look forward to following its future success.”

HydroChem is a leading provider of industrial cleaning solutions to the petrochemical production, oil refining and other energy-related 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.

Centerbridge Partners is a private investment management firm employing a flexible approach across investment disciplines, including private equity, credit and related strategies, and real estate. Centerbridge Partners has approximately $29 billion in assets under management with offices in New York and London.

PSC is a leading provider of specialty maintenance services and technology solutions to the critical energy infrastructure in the U.S. 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. 

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.

Harris Williams & Co. (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.  The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence.  Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Harris Williams & Co.’s EPI Group has experience across a broad range of sectors, including industrial and infrastructure services, oil and gas equipment and services, energy efficiency and clean tech, power products and technology, engineering and construction and environmental services.  For more information on the firm’s energy, power and infrastructure experience, please visit the EPI Group’s section of the Harris Williams & Co. website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.