PSC Group
PSC Group, a provider of embedded on-site logistics, railcar repair and sustainability to petrochemical infrastructure firms in North America, on Aug. 1 announced the acquisition of Delta Petroleum Company.
Houston, Texas-based PSC, which was founded in 1952 and consists of more than 5,000 employees, is a portfolio company of TJC LP, a middle-market private equity firm investing primarily in North American businesses. Upon completion of the transaction, Delta will be owned by PSC, and will cease to be a subsidiary of Greif, Inc., a world leader in industrial packaging products and services.
“We see PSC and Delta as being optimal partners for synergistic growth,” said PSC Group CEO Joel Dickerson. “Our companies are aligned in culture, and we are well positioned to maintain service excellence, elevate growth and scale for Delta, and expand services to meet the needs of our shared customer set. We are excited to welcome Delta and all its employees into the PSC family.”
Operating since 1946, Delta provides outsourced specialty chemical filling, warehousing and shipping services. Delta’s operations are strategically located near major ports and the chemical manufacturing markets of Houston, Texas, Baton Rouge, La., and Cincinnati, Ohio.
“The trajectory PSC has taken in recent years and its expansion into highly relevant subsectors of the petrochemical industry positions our partnership to be a success not only for our combined entity, but also for the clients that depend on our services and sustainability initiatives,” said Delta General Manager Frank Ingrassia. “Our combined track records, customer bases and our opportunity to collectively address a broader market makes us differentiated and distinct among our peers.”
In April 2024, TJC and Aurora Capital Partners recapitalized PSC. In 2022, PSC Group acquired Thermoplastics Services Inc., a compounding and pelletizing business; in 2023 PSC acquired the assets of Steel Line Rail Services LLC to expand mobile railcar repair, inspection and valve repair services. Delta marks the eighth acquisition completed by PSC Group and its first since partnering with TJC.
Stellex Capital Management
An affiliate of Stellex Capital Management (Stellex), a middle-market private equity firm, on Aug. 5 announced the execution of a definitive agreement to acquire McConway & Torley (M&T) and Standard Forged Products (SFP) (together, the Company) from Arcosa, Inc. The parties expect the acquisition to close during the third quarter.
Based in Pittsburgh, Pa., the Company has been in continuous operation since 1869, producing cast, forged, and machined products for rail and industrial customers across its three facilities. As an independent entity, the Company is “now positioned to accelerate its growth trajectory,” according to Stellex, which says this should “enable the Company to pursue organic and acquisitive growth opportunities, both vertically and laterally.” A key focus, Stellex adds, will be on “identifying prospective opportunities that offer complementary capabilities to existing customers and markets, while also seeking to extend current capabilities to new customers and markets.”
“We see tremendous potential in the Company’s capabilities and are committed to investing in its future,” said Stellex Managing Director Michael Livanos. “This acquisition aligns with our strategy of applying operational expertise in an effort to drive growth in critical manufacturing sectors. Additionally, it reinforces our dedication to the Pittsburgh region, complementing our local office opened in 2022 and marking our second investment in a Pittsburgh-based company.”
In conjunction with the transaction, Stellex named 25-year industry veteran David Meyer as CEO of the Company. He will work closely with the Company’s existing, long-tenured management team.
“The team’s expertise in engineered solutions sets it apart in the industry,” Meyer. “We’re eager to build on the Company’s 150-year legacy, continue to provide excellent service to existing customers, and explore new opportunities for growth. As we enter this new chapter, I’m excited to lead this talented workforce as they expand capabilities and reach new markets.”
Proskauer Rose acted as legal counsel for Stellex. Gibson, Dunn, & Crutcher acted as legal counsel and Evercore as financial advisor to Arcosa on the divestiture.
