Greenwood, IN



Investment Status


Investment Date

Sep 2008

Realized Date

Apr 2013

Sold to

Global Power Equipment Group Inc.

Company Information (At Exit)

Investment Thesis

Platte River Value Add

Company Information (At Exit)

  • Founded in 1981, Hetsco is an independent provider of repair and maintenance services for brazed aluminum heat exchangers
  • The company also offers high angle rope rescue, and specialty aluminum fabrication, construction and relocation services for the industrial gas, LNG and gas processing industries
  • Platte River acquired Hestco in September 2008 and sold the company to Global Power Equipment Group Inc. (Nasdaq: GLPW) in April 2013

Investment Thesis

  • Industry: Strong underlying growth trends in repair and maintenance of critical infrastructure components and development of shale gas infrastructure providing incremental growth opportunities
  • Opportunity: Invest in a niche operator with highly specialized welding capabilities and significant barriers to entry
  • Strategy: Acquire the only independent provider of specialized emergency repair services of critical industrial gas equipment and work with management to establish other key services, such as fabrication, construction and safety, to leverage its strong customer relationships

Platte River Value Add

  • Accelerated the growth of the business by adding a Houston location and investing in new service lines complementary to core business, including high angle rope rescue services and specialty fabrication and construction
  • Recruited key managers and assisted in developing internal business development team
  • Under Platte River’s ownership, Hetsco more than tripled its revenue and more than doubled its employment and profitability

Global X-Ray & Testing Corporation

Back to all

PRV Aerospace