PSC Industrial Holdings (formerly Philip Services Corporation) is a provider of industrial maintenance, cleaning and engineered services to the aerospace, automotive, manufacturing, oil and gas, power generation, refining and chemical, transportation, and utility industries. Services include hydroblasting, vacuuming, grit-blasting, explosive deslagging, chemical cleaning, process dewatering and routine maintenance. The company was founded in 1977 and has over 2,000 employees and 90 locations across the US. PSC is headquartered in Houston (www.pscnow.com).
“Under the leadership of Brad Clark and his management team, PSC has been transformed into a leading value-added service provider to the domestic energy industry. We look forward to further building its service offering and geographic reach,” said Michael Kaplan, Managing Director of Littlejohn & Co.
Littlejohn & Co. makes control and non-control investments in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth. Littlejohn invests in middle market companies with annual revenues typically between $100 million and $800 million, and generally invests $50 to $150 million of equity in its private equity investments. The firm invests across a range of industries and acquires manufacturers, distributors, and service providers. Littlejohn is currently investing from Littlejohn Fund V which has over $2 billion in capital commitments. The firm is based in Greenwich, CT (www.littlejohnllc.com).
Lindsay Goldberg manages $10 billion of equity capital and is focused on partnering with family owned and entrepreneur‐led businesses seeking a partner to help actively build their businesses. The firm is based in New York (www.lindsaygoldbergllc.com).
Harris Williams & Co. was the exclusive financial advisor to PSC. The transaction was led by Andrew Spitzer, Tiff Armstrong, Matt White, Chris Burnham and Ian Thomas of Harris Williams & Co.’s Energy & Power (E&P) Group.
“PSC represents a critical embedded solution for its customers throughout the energy infrastructure market,” said Drew Spitzer, a managing director in Harris Williams & Co.’s E&P Group. “Under Lindsay Goldberg’s ownership, PSC has achieved impressive organic growth and is well positioned to capitalize on favorable, long-term market dynamics. PSC has found a great partner in Littlejohn, and we look forward to the company’s continued success.”
“We are very excited to partner with Littlejohn & Co., whose successful track record of growing businesses with similar attributes will help us continue PSC’s transformation into the industry leader in safety, technology and service to our customers,” said Brad Clark, Chief Executive Officer of PSC.
2014 PEPD • Private Equity’s Leading News Magazine • 12-9-14