Harris Williams & Co. Advises PSC on its Sale to Littlejohn & Co.
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of PSC Industrial Holdings Corp. (PSC, formerly Philip Services Corporation), a portfolio company of Lindsay Goldberg, LLC (Lindsay Goldberg), to Littlejohn & Co. (Littlejohn). PSC is a leading provider of industrial maintenance, cleaning and engineered services across the energy value chain. The transaction, which closed on December 5, 2014, was led by Andrew Spitzer, Tiff Armstrong, Matt White, Chris Burnham and Ian Thomas of Harris Williams & Co.’s Energy & Power (E&P) Group.
“PSC represents a critical embedded solution for its customers throughout the energy infrastructure market,” said Drew Spitzer, a managing director in Harris Williams & Co.’s E&P Group. “Under Lindsay Goldberg’s ownership, PSC has achieved impressive organic growth and is well positioned to capitalize on favorable, long-term market dynamics. PSC has found a great partner in Littlejohn, and we look forward to the company’s continued success.”
“PSC has done a tremendous job supplementing its core maintenance offering with a unique suite of specialized solutions developed to solve complex customer problems. Vapor control management, chemical cleaning and advanced tank cleaning, among other specialty services, augment PSC’s engineering expertise to create a truly differentiated platform,” said Matt White, a director in the firm’s E&P Group.
PSC is an industrial services organization founded in 1977 and headquartered in Houston, TX. Since its founding, PSC has grown from a niche commodity industrial services company into a leading national provider of specialty maintenance services and technology solutions to the downstream, utility, power generation, upstream and midstream markets. With over 2,000 employees and 90 locations across the country, PSC has the operational size and geographic breadth to service clients regardless of size or location.
Lindsay Goldberg is a private investment firm with $10 billion of capital under management that focuses on partnering with entrepreneurial management teams and closely-held and family-owned businesses. The firm typically invests in companies in North America and Western Europe in the manufacturing, energy, financial and business services industries. Lindsay Goldberg has an investment structure that permits ownership for up to 20 years.
Littlejohn is a private equity firm headquartered in Greenwich, CT that invests in middle market companies facing the opportunities and challenges that come with significant change. The firm is currently investing from Littlejohn Fund V, L.P., which has $2 billion in capital commitments.
Harris Williams & Co. (www.harriswilliams.com), a member 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 E&P 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 our energy and power experience, please visit the E&P 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 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.