Harris Williams & Co.
, a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of RepconStrickland Inc. (RepconStrickland), a premier provider of recurring turnaround and specialty services to the North American refinery, petrochemical and other process industries, to strategic buyer EMCOR Group, Inc. (EMCOR; NYSE:EME) in an all cash transaction valued at approximately $455 million. Harris Williams & Co. acted as the exclusive advisor to RepconStrickland, a portfolio company of ArcLight Capital Partners, LLC (ArcLight). The transaction closed on July 29, 2013 was led by Drew Spitzer, Tiff Armstrong, Matt White, Chris Burnham and Oliver Brooks from the firm’s Energy & Power (E&P) Group.
The sale of RepconStrickland represents another successful transaction for Harris Williams & Co. and adds to the Energy & Power Group’s leading experience in the infrastructure services sector, which includes eight completed transactions in the last 12 months and more than 25 transactions in total.
“Over the past 35 years, RepconStrickland has grown to become the preeminent provider of highly specialized, mission-critical turnaround, maintenance and other specialty services to the nation’s leading refiners, petrochemical plants and other processors,” said Drew Spitzer, a managing director at Harris Williams & Co. “We are proud to have represented RepconStrickland and ArcLight in this transaction.”
RepconStrickland’s leading market positions and well-known brands have been developed through a long and consistent track record of delivering specialized turnaround and maintenance services with superior project execution, a highly skilled workforce and a best-in-class safety record. RepconStrickland has built a prominent reputation for performing turnarounds and specialty services for the most critical units of refineries, petrochemical plants and other process facilities. The RepconStrickland platform is comprised of five specialized divisions including Repcon, Inc., AltairStrickland Holdings, LLC, Turnaround Welding Services, LLC, Diamond Refractory Services, LLC and Tiger Tower Services, LLC. Repcon, Inc. is a leading provider of hydrofluoric alky unit turnarounds, general turnarounds, specialty maintenance and industrial construction services. AltairStrickland is a leading provider of fluid catalytic cracking unit and coker unit turnarounds. Turnaround Welding Services provides premium welding services on all grades of steel, alloys and exotics. Diamond Refractory is a temperature/erosion materials specialist providing refractory services and liners for processing units and systems. Tiger Tower Services provides specialty mechanical services for process columns and weld overlays, nozzle installations and inspection services.