Platte River Exits Hetsco

Platte River Exits Hetsco

Platte River Equity has sold its portfolio company Hetsco, a provider of repair services for heat exchangers, to Global Power Equipment Group. Platte River acquired Hetsco in September 2008.

“We are proud of Hetsco’s development over the past several years under the leadership of Sam Willard and Steve Powell,” said Platte River Managing Director Peter Calamari. “In this environment of increasing investment in industrial gas production and processing, Hetsco is poised for continued success. We are also pleased that the company will be owned by Global Power, a strong and supportive new partner for Hetsco and its employees.”

Hetsco is a provider of repair and maintenance services for brazed aluminum plate heat exchangers used in industrial gas, liquefied natural gas and chemical facilities, as well as a provider of maintenance, fabrication, construction, relocation and safety services to the industrial gas, gas processing, liquefied natural gas, and utility companies. Hetsco was founded in 1981 and is headquartered in Greenwood, IN (

“The financial, strategic and operational support Platte River has provided to Hetsco over the last five years has been invaluable. We accomplished all we had set out to do, and Platte River was a critical partner in our success. We look forward to a new chapter of continued growth with Global Power,” said Sam Willard, President of Hetsco.

Global Power (NASDAQ: GLPW) is a provider of custom-engineered auxiliary equipment and maintenance support services to the global power generation industry. The company is headquartered in Irving, TX (

St. Charles Capital, an investment bank based in Denver ( served as the exclusive financial advisor to Hetsco. TM Capital, an investment bank based in New York, Boston and Atlanta (, served as financial advisor to Global Power.

Platte River Equity makes equity investments of $10 million to $50 million in lower middle market companies with enterprise values generally between $20 million and $250 million. Sectors of interest include aerospace and transportation; energy and industrial services; and chemicals, metals and industrial minerals. Platte River Equity manages funds with committed capital of approximately $700 million and is based in Denver (

© 2013 PEPD • Private Equity’s Leading News Magazine • 5-1-13

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