Aquilex Switches Sponsors (Again)

Teachers’ Private Capital has completed its acquisition of Aquilex Holdings LLC from Harvest Partners. No financial terms were disclosed.


Aquilex is a Norcross, Ga.-based energy service provider specializing in refining, nuclear and fossil power generation and waste to energy. It was acquired by Harvest Partners in 2007 from First Reserve Corp. Harris Williams & Co. advised Aquilex on both transactions.



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 completed the sale of Aquilex Holdings, LLC (“Aquilex” or the “Company”) to Teachers’ Private Capital, the private investment arm of the Ontario Teachers’ Pension Plan.  Terms were not disclosed.


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 2008 expected revenues approaching $600 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, “We are proud to announce the closing of the transaction particularly in light of the current conditions in the financial market.  Our ability to close the sale of Aquilex in today’s market is a testament to the defensibility of the business model that we have built with management.  It has been a pleasure working with Aquilex CEO Bill Varner and CFO Jay Ferguson, and the rest of their team.  Together we have successfully grown Aquilex from a $170 million specialty welding business to a $600 million world class industrial services provider through organic growth and multiple acquisitions.”


Christopher D. Whalen, Principal at Harvest Partners said, “We are delighted to announce the closing of a successful transaction for management and Harvest. Aquilex was a compelling investment opportunity due to the strength of its management team and leadership position in the attractive markets it serves. This significant accomplishment during tumultuous economic times validates our investment thesis centered on the age of the domestic energy infrastructure and accelerating demand for the services Aquilex provides.”


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