National Firm Makes Successful Bid to Acquire Local Environmental Services Company
| Norfolk, VA (Jan 18, 2019) – Succession Capital Partners announced today that it has sold Norfolk, VA-based PetroChem Recovery Services, Inc., to HEPACO, LLC., the nation’s largest emergency response company. HEPACO owns operations in over 25 locations across the Midwest, Mid-Atlantic, and Southeast. |
Succession Capital Partners first acquired PetroChem in 2014 from owners and founders, Becky, Joe and Eric Fenska. The Fenska’s, looking to retire, sought a buyer who would allow them the ability to exit profitably while maintaining the quality of their brand and dedication to their customers.
Succession invested heavily to modernize and expand PetroChem. “PetroChem’s stellar environmental team and premium customer service, provided us the foundation to build PetroChem into an environmental leader in Hampton Roads,” said former PetroChem CEO and Succession Capital Managing Partner, Matt Malone. “We believe that HEPACO is the ideal company to facilitate the next phase of growth for PetroChem and its employees, and will allow the company to continue to provide best in class service to its customers, far into the future.”
During Succession’s hold of PetroChem, the Company more than doubled revenue and supported several national companies in environmental services and emergency response. “We are thrilled to announce the acquisition of PetroChem and welcome their team to HEPACO”, Chief Executive Officer Ken Smith said. Mr. Smith added, “We look forward to working with the PetroChem team to enhance our emergency response and environmental service offerings and better serve our customers.”
The PetroChem investment added to Succession’s extensive local experience of more than 10 investments in the Hampton Roads market since 2014.
Succession Capital is the only professional LBO firm headquartered in the Virginia Beach/Norfolk area. Succession owns A-1 Plumbing, Foundation Recovery Systems, BizWiz Management Systems, JES Foundation Repair, Independence Materials Group, Mount Valley Foundation Service, Tar Heel Basement Systems, Shipyard Staffing, and Groundworks Companies.
|About Succession Capital Partners |
Succession Capital is the only professional buy-out firm headquartered in the Virginia Beach/Norfolk area. Succession focuses on working with family-owned businesses to assist them with the proper succession of their business. The firm invests in operating companies under $50 million in enterprise value and unlike most private equity firms, the partners of Succession Capital run their acquired businesses day to day.
For more information about Succession Capital Partners please visit www.successioncp.com