SGS has sold Baton Rouge-based Petroleum Service Corporation to Aurora Capital Partners, based in Los Angeles, for $335 million.
In conjunction with the timing of the sale, PSC Senior Vice President Cordell Haymon—whose father Darryl Haymon founded the company in 1952—says he is planning to retire after 54 years with the company, though he will remain a consultant for PSC going forward.
The acquisition, Haymon says, sets PSC up for “significant growth and expansion.”
“It’s been in the works for at least six months,” Haymon says. “It looks to be a good transaction for PSC, providing us with access to investment capital to pursue initiatives we haven’t been able to pursue until now.”
In 2004, SGS purchased PSC from Darryl Haymon and his sons, Cordell and Brian, both of whom remained with the company until Brian left in 2017 to launch a new business called Loadstar Product Handling Services.
PCS, which has some 3,500 employees, provides product handling and site logistics for leading companies in the petrochemical, refining, midstream, and marine transportation industries, according to a press release announcing the acquisition today.
For Aurora Capital Partners, the PSC purchase marks its sixth investment, boasting $1.2 billion in commitments, according to the release. Aurora’s investments are in the business services sector, including VLS Recovery, Pace Analytical Services, SRP Companies, Restaurant Technologies and Inhance Technologies.
“PSC is an excellent fit with Aurora’s investment strategy,” says Matthew Laycock, a partner at Aurora, in a statement. “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.”