DENVER, May 1, 2013 /PRNewswire/ -- Platte River Equity ("Platte River") today announced the sale of its portfolio company, Hetsco, Inc. ("Hetsco") to Global Power Equipment Group Inc. (Nasdaq: GLPW) ("Global Power").
Headquartered in Greenwood, Indiana and founded in 1981, Hetsco is the leading provider of emergency and planned repairs for brazed aluminum heat exchangers, the critical process equipment used in air separation and other gas processing applications. Hetsco also provides maintenance, fabrication, construction, relocation and safety services to the leading industrial gas, gas processing, LNG and utility companies.
"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."
Sam Willard, President of Hetsco, commented, "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."
Luis Manuel Ramírez, President and Chief Executive Officer of Global Power, commented, "We are pleased with the successful closing of this transaction and eager to work with the Hetsco team to develop new opportunities for the expansion of our Services Division."
Bartlit Beck Herman Palenchar & Scott LLP served as legal counsel to Platte River, and St. Charles Capital served as the exclusive financial advisor to Hetsco. Thompson Hine LLP served as legal counsel and TM Capital served as financial advisor to Global Power.
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm focused on investments in lower middle market operating companies with enterprise values generally between $20 million and $250 million. The firm focuses on investing in sectors where it has deep operating and investing background, including aerospace and transportation; energy and industrial products and services; and chemicals, metals and industrial minerals. Platte River Equity manages funds with committed capital in excess of $700 million. Please visit www.platteriverequity.com.
About Global Power
Texas-based Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. Through its Services Division, the Company provides on-site specialty support and outage management services for commercial nuclear reactors in the United States, maintenance services to fossil and hydroelectric power plants and industrial gas processing services. Through its Products Division, the Company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, with over 40 years of power generation industry experience. With a strong competitive position in its product lines, the Company benefits from a large installed base of equipment in domestic and international markets. Additional information about Global Power Equipment Group Inc. may be found at www.globalpower.com.
SOURCE Platte River Equity