PRIVATE EQUITY
STRUCTURED CAPITAL

CASE STUDIES

Industry Vertical
Industrial Services
Headquarters
Atlanta, GA

www.aquilex.com

Aquilex Corporation

  • Business

    Aquilex Corporation (“Aquilex”) was a leading global provider of critical maintenance, repair and industrial cleaning solutions to the energy industry. Aquilex’s customer base included leading global operators in the nuclear, fossil power, refinery/ petrochemical, pulp and paper and other process industries.

  • Situation

    Harvest believed it had a competitive advantage in the Aquilex sales process because it had previously conducted due diligence on the company. In addition, Harvest had familiarity with the industrial services industry segment through a former portfolio company. This knowledge generated additional credibility for Harvest with Aquilex’s executive team and the sellers. Moreover, Harvest embraced management’s vision to build a diversified service company through acquisition.

  • Harvest Partners Investment

    In January 2007, Harvest purchased Aquilex with the existing management team. To fund the acquisition Harvest arranged the debt financing, which included a senior credit facility and a mezzanine note. In addition, Harvest arranged equity co-investment capital for the transaction.

  • Investment Thesis

    • Market leading position
    • Compelling value proposition
    • Highly favorable industry trends
    • Strong, experienced management team
    • Acquisition potential
  • Value Creation

    • Capitalized on favorable industry dynamics
    • Acquired complementary businesses
  • Outcome

    • Sold Aquilex to Ontario Teachers’ Pension Plan in December 2008