Clearview Recaps IESCO

Clearview Capital has sponsored a recapitalization of IESCO, a provider of inspection and non-destructive testing services to the energy sector in California. No financial terms were disclosed.

PRESS RELEASE
Clearview Capital Fund II, LP in conjunction with management has completed the recapitalization of IESCO of Torrance, CA. IESCO is the largest independent provider of inspection and non-destructive testing services to the energy sector in California.

The investment by Clearview represents the firm’s second foray into the inspection and testing services arena. Clearview invested in All-Tech Inspection of Corpus Christi, TX in October 2008.

IESCO and All-Tech will operate independently and keep intact their existing management teams. When considered collectively, the two companies will be the leading entities providing resident and turnaround inspectors for the broadest array of non-destructive testing and inspection services for refineries and industrial facilities from the Gulf Coast to California.

“After several years of searching, I have found the right investor for my business,” commented IESCO’s Founder and CEO, Brian Shannon. “Clearview fully understands the IESCO business model and brings to the company the necessary added capital, resources and business expertise to support the growth of our service offerings and the expansion of our business.”

“Our successful experience with All-Tech Inspection, the leading inspection and non-destructive testing business on the Gulf Coast, caused us to seek additional investments in related businesses serving different regions,” said Bill Case, Partner of Clearview Capital. “We were attracted to IESCO based on its reputation as the premier inspection and testing services provider on the West Coast. Brian Shannon and his team have built a great company and we are thrilled to have the opportunity to participate in the company’s future success.”

“This investment is our ninth in the past twelve months,” said James G. Andersen, co-managing partner of Clearview. “Despite continuing economic woes worldwide we remain convinced that fine companies like IESCO and All-Tech that provide superior services will continue to thrive. We intend to remain active investors in new platforms and will pursue add-on investments in our inspection, plastics, adult day care and engineering platform companies.”

Clearview’s other holdings include EN Engineering, a provider of engineering and consulting services to distribution and transmission pipeline operators; Rowmark, the world’s dominant manufacturer and marketer of specialty plastic sheet and related products for the awards/recognition, engraving and signage markets; Senior Care Centers of America, the country’s second largest operator of adult day care centers; Hettinger Welding, LLC, a leading provider of pipeline and facilities construction and maintenance services for customers building natural gas infrastructure; Air Cooled Exchangers, LLC, a manufacturer of air cooled exchangers used in natural gas compression applications; Twinco Romax, a vertically integrated manufacturer and distributor of automotive fluids sold through retail channels; M.H. Zeigler & Sons, the country’s leading manufacturer of refrigerated apple cider; Hillsdale Furniture, a designer and importer of wood and metal furniture; and a minority interest in Compression Polymers Group, the leading extruder of thick gauge polyolefin and PVC sheet, including AZEK® brand trim boards and decking products.