Aurora Capital Partners has acquired Petroleum Service Corporation, a provider of product handling and site logistics services for the petrochemical, refining, midstream and marine transportation sectors. No financial terms were disclosed. Rothschild & Co. served as financial adviser to SGS and PSC, while Piper Jaffray & Co. did likewise for Aurora.
LOS ANGELES, June 24, 2019 /PRNewswire/ — Aurora Capital Partners (“Aurora”), a leading middle-market private equity firm, today announced the acquisition of Petroleum Service Corporation (“PSC” or the “Company”). PSC is the North American leader in product handling and site logistics services for the petrochemical, refining, midstream and marine transportation end markets. PSC is a subsidiary of SGS (SGSN:SW), the world’s largest inspection, verification, testing and certification company.
“PSC is an excellent fit with Aurora’s investment strategy. Over the past 65+ years, PSC has become the established leader in product handling and site logistics across a number of industrial end markets with an industry-leading track record of customer service and safety performance,” said Matthew Laycock, a Partner at Aurora. “We are excited to partner with the PSC management team and employees whose cultural values align with those of Aurora and are looking forward to providing capital to accelerate PSC’s growth potential.”
PSC, a long-time trusted service provider to the largest blue-chip companies in the sector, was founded in 1952 with a focus on environmental safety, quality customer service and corporate responsibility.
“Aurora has a long and successful track record of supporting companies like ours. Our cultures are perfectly aligned, and we are excited about the benefits this transaction will bring to our deep customer relationships and our 3,500+ hard-working employees,” said Joel Dickerson, President of PSC. “Aurora’s emphasis on partnership with management and its success with similar business models and end markets will enable us to further enhance our market-leading positions. We are delighted to join forces with Aurora to continue PSC’s dedication to our customers and the PSC mission.”
“PSC’s excellence in personnel and environmental safety as well as overall service quality is unmatched in the industry,” said Andrew Wilson, a Partner at Aurora. “They have a stellar reputation, and we are thrilled to be working with Joel and his team to continue building out the PSC platform.”
The acquisition of PSC marks the sixth investment from Aurora Equity Partners V, which has $1.2 billion in commitments. PSC joins several recent Aurora investments within the broader business services sector, including VLS Recovery, Pace Analytical Services, SRP Companies, Restaurant Technologies and Inhance Technologies.
Rothschild & Co. served as exclusive financial advisor to SGS and PSC, while Weil, Gotshal & Manges LLP served as legal counsel. Piper Jaffray & Co. served as financial advisor and Gibson, Dunn & Crutcher LLP served as legal counsel to Aurora.
About Aurora Capital Partners
Aurora Capital Partners is a leading private equity firm focused principally on control investments in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. Aurora provides unique resources to its portfolio companies through its Strategy & Operations Program and its team of experienced operating advisors. Aurora’s investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information about Aurora Capital Partners, visit: www.auroracap.com.
About Petroleum Service Corporation
For more than 65 years, Petroleum Service Corporation has been committed to safely andefficiently meeting the product handling and site logistics needs of the leading companies in the petrochemical, refining, midstream, and marine transportation industries. The Company’s 3,500+ employees serve at more than 100 refineries, terminals, chemical plants, and warehouse operations across the U.S. and Canada. PSC is a leader in tankering barges, operating docks, switching railcars, material packaging and warehousing, and loading and unloading tank cars and tank trucks with a variety of oil products and chemicals.
SGS is the world’s largest inspection, verification, testing and certification company. SGS is recognized as the global benchmark for quality and integrity. With more than 97,000 employees, SGS operates a network of over 2,600 offices and laboratories around the world.