HOUSTON, Jan. 3 /PRNewswire/ -- The Sterling Group is pleased to announce the sale of HydroChem Holding, Inc. ("HydroChem" or the "Company"), a portfolio company of The Sterling Group, to OCM HydroChem Holdings, LLC, an acquisition vehicle controlled by funds managed by Oaktree Capital Management LLC of Los Angeles, California. The transaction closed December 31, 2004. Harris Williams & Co. acted as the exclusive advisor to HydroChem and The Sterling Group. HydroChem (http://www.hydrochem.com ), headquartered near the Houston Ship Channel in Deer Park, Texas, is the premier provider of industrial cleaning services to a wide range of process industries that require recurring maintenance to improve or sustain operating efficiencies and extend the useful lives of their equipment and facilities. Through its broad service offering, excellent safety record, and outstanding service delivery, the Company has attracted a diversified base of blue-chip Fortune 500/S&P Global 1200 customers operating in a wide range of process industries, including petrochemicals, oil refining, utilities, and pulp and paper. The Sterling Group (http://www.sterling-group.com ) is a Houston-based private equity investment firm engaged in the acquisition and ownership of operating businesses. Sterling was founded in 1982 and targets control investments in basic manufacturing, industrial services and distribution companies with enterprise values typically between $100 million and $500 million. Sterling partners with management teams to acquire companies where Sterling has identified specific opportunities to grow and improve the business. Sterling has sponsored the buyouts of 29 portfolio companies and numerous add-on acquisitions for a total transaction value greater than $6.5 billion. Oaktree Capital Management, LLC (http://www.oaktreecap.com ) is a leading private investment firm that manages in excess of $28 billion in select niche investment markets for institutions and individuals. Oaktree's Principal Opportunities Group manages funds with over $3.5 billion in committed capital for private equity investments and has a history of partnering with management teams to create long-term value for the entities in which it invests. Harris Williams & Co. is the largest independently owned mergers and acquisitions advisory firm in the country focused exclusively on the middle market. With offices in Richmond, San Francisco, and Boston, Harris Williams & Co. represents private equity groups as well as publicly and privately held companies worldwide. For more information about Harris Williams & Co., please visit http://www.harriswilliams.com .
SOURCE The Sterling Group