ORIX Capital Partners Acquires Hoffman Southwest Corporation
February 06 2017 - 11:00AM
Business Wire
The private equity firm joins forces with a
leading water flow solutions platform
ORIX Capital Partners LLC, a New York-based private equity firm
and business unit of ORIX USA Corporation (“ORIX USA”), announced
today that it has sponsored a private equity investment and has
acquired Hoffman Southwest Corp. (“HSW”), a rapidly growing
provider of water flow inspection, repair and cleaning
services.
A former portfolio company of the private equity firm Sterling
Partners, HSW provides underground pipe inspection, trenchless pipe
repair, excavation and cleaning services for municipal and utility
customers under the Pro-Pipe brand, and plumbing, drain cleaning,
trenchless pipe repair and water restoration services for
commercial and residential customers as the largest franchisee of
the Roto-Rooter® brand.
The company’s existing executive management team, including CEO
Mark Burel and CFO Bruce Lux, will continue to lead daily
operations and provide strategic direction alongside ORIX Capital
Partners.
“We look forward to working with ORIX Capital Partners, as they
provide a depth of capital and resources needed to achieve our
vision for continued future growth,” Burel said. “Together with a
global powerhouse like ORIX, we have the ability to focus on
organic growth initiatives, geographic expansion and strategic
acquisitions.”
Through an opportunistic, value-oriented, “buy-and-build”
investment philosophy, ORIX Capital Partners—formerly known as IX
Capital Partners—is able to respond quickly to attractive
opportunities and work effectively with management and co-owners to
tackle challenges and enhance business prospects.
“Our country’s aging infrastructure will drive enormous demand
for underground infrastructure risk mitigation as municipalities
and utilities work to ensure our pipes are functioning safely and
properly for the public,” said Terry Suzuki, President and CEO at
ORIX Capital Partners. “We will seek strategic add-ons which will
complement HSW’s historically strong organic growth and support
Burel’s team in building a long-standing legacy, known for
customer-focused service, safety, technology and industry leading
insights and initiatives.”
The transaction closed on Jan. 31, 2017.
ORIX Capital Partners
ORIX Capital Partners makes direct control private equity
investments that support growth and performance among established
middle-market companies throughout North America. The team’s
expertise spans industries including industrials, infrastructure
services, transportation, business services, energy and consumer
products. ORIX Capital Partners is a business unit of ORIX USA, a
Dallas-based financial services firm that has been providing
innovative capital solutions that clients need to propel their
business to the next level since 1981. With more than 700 employees
spanning nearly 20 offices across the U.S. and Brazil, ORIX USA and
its family of companies hold $6 billion of assets and manage an
additional $29 billion, approximately. Its parent company, ORIX
Corporation, is a Tokyo-based, publicly owned international
financial services company with operations in 37 countries and
regions worldwide. ORIX Corporation is listed on the Tokyo (8591)
and New York Stock Exchanges (IX). For more information on ORIX
USA, visit www.orix.com.
Hoffman Southwest Corp.
Hoffman Southwest Corp. (“HSW”) is a leading provider of water
flow solutions services. Its Professional Pipe Services (Pro-Pipe)
division is a leader in underground pipeline condition assessment
and repair, providing state-of-the-art closed circuit television
(CCTV) inspection services, including video inspection, underground
mapping, cleaning and rehabilitating sewage pipelines for
municipalities, contractors, engineers, government agencies,
facility owners, homeowners and natural gas providers in the
western United States. For more information, visit
http://www.pro-pipe.com.
HSW is also the largest franchisee of Roto-Rooter®, the largest
provider of plumbing and drain cleaning services in North America.
Today, HSW operates 12 Roto-Rooter® branches in California,
Arizona, Utah, Oregon and Texas. For more information about
Roto-Rooter®, visit http://www.myrotorooter.com/.
Sterling Partners
Sterling Partners is a private equity firm with a distinct point
of view on how to build great companies. Founded in 1983, with over
$4 billion of assets under management, Sterling is guided by its
stated purpose: INSPIRED GROWTH®, which describes Sterling's
approach to investing in differentiated businesses and growing them
in inspired ways. Sterling focuses on investing growth capital in
middle-market companies in the healthcare services and business
services industries. Sterling provides valuable support to the
management teams of the companies in which the firm invests through
a deep and dedicated team of professionals, including a strong
network of outside directors and advisors. The people at Sterling
believe in ideas and ideals, in people and in partnerships that
drive long-term success. For more information, visit:
www.sterlingpartners.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170206005763/en/
for ORIX Capital PartnersAmanda Gleason,
972-770-5083agleason@marketwave.bizorJeff Smith,
214-237-2301Jeff.smith@orix.com
Orix (NYSE:IX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Orix (NYSE:IX)
Historical Stock Chart
From Sep 2023 to Sep 2024