ProAct Services, a portfolio company of Hammond, Kennedy, Whitney & Company (HKW) since October 2014, has acquired ThermTech.
ThermTech designs, engineers and manufactures thermal and catalytic oxidizers, process heat and control systems; burner systems; waste heat recovery systems, and combustion and control systems. The company was founded in 1986 and is headquartered in Kingwood, TX (www.thermtech.com).
ProAct Services provides air and water treatment services including on-site water treatment, industrial degassing and vapor control, environmental remediation, suspended solids removal, metal treatment, and carbon servicing. The company was founded in 1994 and is headquartered in Ludington, MI (www.proact-usa.com).
“The acquisition of Thermtech greatly improves our capabilities in manufacturing thermal oxidizers,” said Frank Smiddy, the CEO of ProAct. “We continue to expand our presence in the degassing market and Thermtech will help drive our continued growth.”
Thermtech is the fourth add-on transaction that ProAct has completed over the last three years. In February 2017 it acquired the internal combustion engine degassing equipment of Groundwater & Environmental Services; in April 2016 it acquired the Long Beach, CA division of FSI Field Specialties, a provider of degassing products and services; and in December 2015 it acquired Carbonair, a Minneapolis-based provider of water treatment equipment and systems.
“The combination of Thermtech with the existing ProAct platform creates additional momentum within the degassing space. This is our second add-on this year in the sector and we look forward to continued growth in our tank degassing business,” said Mike Foisy, HKW’s Lead Operations Partner.
Hammond, Kennedy, Whitney & Company invests in companies with revenues between $20 million and $200 million and EBITDAs between $2 million and $20 million. Since 1982, HKW has completed 53 platform management buyouts of small middle-market companies throughout North America as well as 61 add-on acquisitions. The firm was founded in 1903 and is headquartered in Indianapolis with an additional office in New York (www.hkwinc.com).
© 2017 Private Equity Professional | August 31, 2017
