Aurora Capital Partners, a middle-market private equity firm, announced the acquisition of Petroleum Service Corporation.

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Image: The acquisition of PSC marks the sixth investment from Aurora Equity Partners V. Photo: Courtesy of Akshay93 from Pixabay.

PSC is the North American leader in product handling and site logistics services for the petrochemical, refining, midstream and marine transportation end markets.  PSC is a subsidiary of SGS (SGSN:SW), the world’s largest inspection, verification, testing and certification company.

“PSC is an excellent fit with Aurora’s investment strategy.  Over the past 65+ years, PSC has become the established leader in product handling and site logistics across a number of industrial end markets with an industry-leading track record of customer service and safety performance,” said Matthew Laycock, a Partner at Aurora.  “We are excited to partner with the PSC management team and employees whose cultural values align with those of Aurora and are looking forward to providing capital to accelerate PSC’s growth potential.”

PSC, a long-time trusted service provider to the largest blue-chip companies in the sector, was founded in 1952 with a focus on environmental safety, quality customer service and corporate responsibility.

“Aurora has a long and successful track record of supporting companies like ours.  Our cultures are perfectly aligned, and we are excited about the benefits this transaction will bring to our deep customer relationships and our 3,500+ hard-working employees,” said Joel Dickerson, President of PSC.  “Aurora’s emphasis on partnership with management and its success with similar business models and end markets will enable us to further enhance our market-leading positions.  We are delighted to join forces with Aurora to continue PSC’s dedication to our customers and the PSC mission.”

“PSC’s excellence in personnel and environmental safety as well as overall service quality is unmatched in the industry,” said Andrew Wilson, a Partner at Aurora.  “They have a stellar reputation, and we are thrilled to be working with Joel and his team to continue building out the PSC platform.”

The acquisition of PSC marks the sixth investment from Aurora Equity Partners V, which has $1.2 billion in commitments.  PSC joins several recent Aurora investments within the broader business services sector, including VLS Recovery, Pace Analytical Services, SRP Companies, Restaurant Technologies and Inhance Technologies.

Rothschild & Co. served as exclusive financial advisor to SGS and PSC, while Weil, Gotshal & Manges LLP served as legal counsel.  Piper Jaffray & Co. served as financial advisor and Gibson, Dunn & Crutcher LLP served as legal counsel to Aurora.

Source: Company Press Release.