PSC, a portfolio company of Littlejohn & Co. LLC, and Aquilex Holdings LLC, owner of HydroChem and a portfolio company of Centerbridge Partners LP, have signed a purchase agreement whereby PSC will acquire all of the outstanding ownership interests of Aquilex, combining both PSC and HydroChem.
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.
PSC is a provider of specialty maintenance services and technology solutions to the energy infrastructure in the United States.
HydroChem LLC is a provider of industrial cleaning solutions to the petrochemical production, oil refining, and other energy end-markets. The company’s core services include hydroblasting, industrial vacuuming, chemical cleaning, tank cleaning, and paint booth management services.
Littlejohn & Co. is a Greenwich, Connecticut-based investment firm focused on private equity and debt investments primarily in middle market companies.
Centerbridge Partners LP is a private investment management firm.
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.