Platte River Ventures has acquired Hetsco Inc., a Greenwood, Ind.–based provider of repair and maintenance services for brazed aluminum plate-fin heat exchangers. No financial terms were disclosed for the deal, which was done in partnership with company management.
Platte River Ventures announced today that it acquired all of the outstanding stock of Hetsco, Inc. (“Hetsco” or the “Company”) in partnership with senior management. Headquartered in Greenwood, Indiana, Hetsco is the leading independent provider of repair and maintenance services for brazed aluminum plate-fin heat exchangers used in industrial gas, liquefied natural gas and chemical facilities, as well as a specialty provider of construction and fabrication services for the industrial gas industry.
“We are excited about our new partnership with Platte River Ventures,” said Ralph Canter, CEO of Hetsco. “I believe that the significant operating experience of Platte River Ventures’ principals, along with the access to additional capital, will allow us to execute on our growth strategies.”
“Hetsco represents our first investment in industrial services, a sector we have been focused on for the past year,” said Peter Calamari, Managing Director of Platte River Ventures. “The Company has long standing relationships with the leading global industrial gas and chemical companies, and a reputation for highly talented welders and unparalleled service. We are looking forward to working with the management and employees of Hetsco in continuing to identify opportunities for both organic growth and complementary acquisitions.”
About Hetsco, Inc.
Hetsco is the leading independent provider of repair and maintenance services for brazed aluminum plate-fin heat exchangers used in industrial gas, liquefied natural gas and chemical facilities. As a critical vender to the industrial gas industry for over 25 years, the Company’s highly skilled welders travel worldwide on a time and materials basis to perform both emergency and planned repairs. In addition to exchanger repair services, Hetsco offers specialty construction and fabrication services for the industrial gas industry. For more information on Hetsco, please visit http://www.hetsco.com.
About Platte River Ventures
Based in Denver, Colorado, Platte River Ventures is a private equity firm focused on investing in small and middle market operating companies. The firm’s strategy is to invest behind strong management teams in industries where Platte River Ventures’ principals have operating and investing experience including: aerospace, industrial services, energy services, metals, chemicals and agriculture. The firm seeks investment opportunities where Platte River Ventures’ principals can add meaningful value to its management partners in creating larger enterprises through internal growth and complementary acquisitions. Platte River Ventures currently manages funds with committed capital totaling in excess of $250 million. For more information on Platte River Ventures, please visit http://www.platteriverventures.com.