Chart Industries, Inc. announced that its subsidiary, Chart Lifecycle, Inc. has acquired Hetsco, Inc., from Global Power Equipment Group, Inc. (OTC:GLPW) for approximately $22 million.
The Hetsco and Chart Lifecycle combined business will focus on extending equipment lifespan by offering services from installation/start-up, operations/maintenance, training/support, monitoring, process optimization, repair/maintenance and extended warranty.
This acquisition supplements Chart’s current offering by bringing a full suite of welding services for industrial gas and gas processing facilities including mission critical repair, specialty maintenance, construction/fabrication and safety services, with a particular focus on brazed aluminium heat exchangers.
Formed in 1982, Hetsco is synonymous with providing highly skilled, emergency, specialty welding and construction services to the natural gas processing, petrochemical and air gas separation industries. Having completed site repairs across 44 states and more than 35 countries, Hetsco boasts a proud heritage of getting customer plants back on-line quickly and safely.
Jones Day has acted as special counsel to Chart Industries, Inc. in its acquisition with a team led by Cleveland-based M&A partner Patrick Leddy.
Involved fees earner: Patrick Leddy – Jones Day;
Law Firms: Jones Day;
Clients: Chart Industries, Inc.;