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HydroChem announces acquisition of Inland Industrial Services
Aquilex Holdings (HydroChem) a leading provider of industrial cleaning solutions for the North American petrochemical production, oil refining, power generation, metals and pulp and paper industries, has this week announced that it has entered into an agreement to acquire Inland Industrial Services Group, an industrial cleaning company with a 30-year-plus history, which serves the Gulf Coast and the Central United States.
The combined company will have close to $400 million of revenue and will continue to provide highly effective and cost-efficient industrial cleaning solutions to customers, including daily maintenance as well as turnaround and project services. The combined company's core services, which include hydroblasting, industrial vacuuming, chemical cleaning, tank cleaning and paint booth management services, are essential to improving or maintaining the efficiency and operability of customer facilities as well as extending the useful lives of process equipment and facilities.
Gary Noto, CEO of HydroChem, explains: "We are excited to welcome Inland's customers and employees into the HydroChem family. Our cultures are highly complementary, and together we will continue to deliver industry-leading safety and quality results to our customers. We remain 100% committed to the accelerated roll-out of HydroChem's proprietary automation technology, which delivers safer, more reliable and higher-quality outcomes.
"On behalf of all of Hydrochem's employees, we are eager to get to work in order to merge the operations and build upon Inland's strengths to grow the business."
Kyle Cruz, Senior Managing Director at Centerbridge, adds: "Since our original investment in HydroChem in February 2012, we have supported the company's investment in equipment and technology. The company's management team, led by Gary Noto and assembled under the leadership of our Chairman, Donovan Boyd, has delivered strong performance, and the acquisition of Inland is the culmination of a strategic undertaking aimed at expanding into new end-markets and geographies by leveraging our core competencies. We have the utmost confidence in our leadership team."
The transaction is expected to be completed by the end of 2013.
T: (713) 393-5600
21st November 2013