Ontario Teachers' to buy Aquilex

The energy-related company will change private equity sponsors for the third time. New York-based Harvest Partners bought Aquilex from First Reserve last March and grew the company into a $550m industrial service provider.

Teachers' Private Capital, the private equity arm of the Ontario Teachers’ Pension Plan, has agreed to purchase Aquilex Holdings from New York-based Harvest Partners. No financial details were disclosed.

Atlanta, Georgia-based Aquilex provides maintenance, repair and industrial cleaning services to the oil refining, fossil power, nuclear, petrochemical and waste-to-energy industries.

Michael DeFlorio, senior managing director with Harvest, said the firm grew Aquilex from a $170 million welding business to a $550 million industrial service provider through organic growth and multiple acquisitions.

Harvest bought Aquilex from energy-focused private equity firm First Reserve last March for an undisclosed amount.

Harvest was founded in 1981 and focuses on management buyouts and growth equity investments in mid-market companies. The firm invests in general industrial, business services, consumer, retail and distribution businesses.

Harvest closed its most recent fund, Harvest Partners V, on $815 million last June.

Teachers' Private Capital was established in 1991 and has a private equity portfolio valued at $18 billion.