Aquilex Switching Sponsors (Again)

Teachers’ Private Capital has agreed to acquire Aquilex Holdings LLC from Harvest Partners. No financial terms were disclosed for the deal, which is expected to close in December. 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 both on the 2007 transaction and is advising it on the current transaction.

PRESS RELEASE

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.