GREENWICH — Littlejohn & Co., a Cos Cob-based non-public fairness agency, introduced this week that an affiliate had agreed to promote HydroChemPSC for $1.25 billion, in one in every of its largest-ever transactions.
Norwell, Mass.-based Clear Harbors, a specialist in environmental, power and industrial providers, would be the purchaser of HydroChemPSC, a supplier of commercial cleansing, specialty upkeep and utilities providers that’s based mostly in Deer Park, Texas.
The sale is anticipated to shut later this yr.
The creation of HydroChemPSC was facilitated by Littlejohn’s acquisition in 2014 of PSC and the 2017 merger of that agency with HydroChem. Also called HPC, HydroChemPSC now has greater than 240 service areas throughout america.
“HydroChemPSC is emblematic of Littlejohn’s strategy to constructing nice companies,” Michael Kaplan, a managing director at Littlejohn, stated in a press release. “We’re extremely pleased with our partnership with HPC and of what we completed by collaborating with the corporate’s distinctive administration staff, to put money into natural development and expertise and execute strategic M&A. The HPC staff’s dedication to integrity, sustainability and security have been the muse for excellent buyer relationships for the previous three a long time, and we want them continued success as a part of Clear Harbors.”
Amongst different modifications underneath Littlejohn’s possession, the agency cited HydroChemPSC’s growth of its engineered-services unit, the creation of a brand new specialty mechanical service providing, the event of a knowledge analytics platform and expertise investments to enhance employee security and productiveness and repair supply.
“HPC’s success over our possession interval is a testomony to the distinctive management supplied by CEO Brad Clark, CFO Judy Shields and the dedication of the almost 5,000 associates who ship world class service to HPC’s clients day-after-day,” Brian Michaud, one other of the managing administrators at Littlejohn, stated in a press release.
With about $14 billion in property underneath administration, Littlejohn focuses on non-public fairness and debt investments which might be primarily in middle-market corporations.
The agency has places of work at 8 Sound Shore Drive in Greenwich’s Cos Cob neighborhood. Its different main transactions in recent times have included the $475 million sale in 2017 of parcel-logistics agency Newgistics to Stamford-based shipping-and-mailing firm Pitney Bowes.
pschott@stamfordadvocate.com; twitter: @paulschott
