Strength Capital Completes Sale of Inland Industrial Services Group
Birmingham-based Strength Capital Partners, LLC is pleased to announce the sale of Inland Industrial Services Group, LLC, an industrial cleaning company with more than a 30-year history, to Aquilex Holdings LLC through its wholly owned subsidiary, Aquilex HydroChem LLC. HydroChem is a provider of industrial cleaning solutions to the petrochemical production, oil refining and other energy-related businesses.
In 2005, Strength Capital bought 80 percent of IISG from Anthony Soave, president and CEO of Detroit-based Soave Enterprises LLC. Strength Capital then split it into two businesses: Inland Industrial Services and Inland Pipe Rehabilitation, which is now based in The Woodlands, Texas. A new management team was brought in by Strength and began growing its operations nationally. The recession delayed the timing of an exit — which, when the time was right, was a complicated deal to get done, involving the two largest companies in the industry.
Mark McCammon, Managing Partner at Strength, remarked, "We thank the Inland leadership team and employees for their service and are thrilled with the transaction. HydroChem is the right owner for the long-term growth of the combined business, and Inland's specialized capabilities, extensive branch network, diverse customer base and experienced employees are a valuable addition to HydroChem."
The newly combined company will have close to $400 million of revenue and will continue to provide highly effective and cost-efficient industrial cleaning solutions to customers, including daily maintenance as well as turnaround and project services. The combined company's core services, which include hydroblasting, industrial vacuuming, chemical cleaning, tank cleaning, and paint booth management services, are essential to improving or maintaining the efficiency and operability of customer facilities as well as extending the useful lives of process equipment and facilities.