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.