Houlihan Lokey Advises HydroChem

Houlihan Lokey is pleased to announce that Aquilex Holdings, LLC, owner of HydroChem and a portfolio company of Centerbridge Partners, L.P., has been acquired by PSC, a portfolio company of Littlejohn & Co. LLC. The transaction closed on October 11, 2017.

HydroChem is a leading provider of industrial cleaning solutions to petrochemical production, oil refining, and other energy end markets. HydroChem serves a diverse base of blue-chip customers and has industry-leading safety results, highly innovative automation technologies and specialty services, and best-in-class project supervision personnel and field equipment. The 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.

PSC is a leading provider of specialty maintenance services and technology solutions to critical energy infrastructure in the United States. PSC has built a strong business platform by partnering with clients who value safety, the most modern and productive equipment in the industry, a deep bench of engineering talent, and the highest standards for environmental compliance.

Littlejohn & Co., based in Greenwich, Connecticut, is an investment firm focused on private equity and debt investments primarily in middle-market companies. With over $4 billion under management, the firm seeks to create long-term value for its investors and build sustainable success for its portfolio companies through a disciplined approach to engineering change.

Centerbridge Partners is a private investment management firm employing a flexible approach across investment disciplines—from private equity to credit and related strategies to real estate—in an effort to find the most attractive opportunities for investors and business partners. The firm, founded in 2005 with offices in New York and London, has approximately $29 billion in capital under management as of July 2017. Centerbridge Partners is dedicated to partnering with world-class management teams across targeted industry sectors and geographies to help companies achieve their operating and financial objectives.

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