Hoffman Southwest (“HSW”), a rapidly growing provider of water
flow inspection, repair and cleaning services, has acquired
Accumark, Inc., Pipe Vision, LLC, and Benchmark VA LLC Subsurface
Utility Services (collectively, “Accumark”). Based in Ashland, Va.,
Accumark provides subsurface utility engineering, underground
utility locating, pipe inspection and pipe cleaning services across
the Mid-Atlantic U.S.
“The addition of Accumark allows us to further expand our
underground infrastructure capabilities nationwide,” said Mark
Burel, CEO of HSW. “Accumark is a recognized leader for subsurface
utility engineering services within its markets and has an
outstanding track record of delivering safe and reliable utility
locating and pipe inspection services to its customers. We look
forward to working with Accumark to further expand its footprint by
leveraging our combined capabilities and customer
relationships.”
Accumark’s existing management team, including President Craig
Martin, will continue to lead daily operations and provide
strategic direction alongside HSW. Accumark has created a loyal
customer base throughout Virginia and the Mid-Atlantic region.
“Joining forces with HSW will allow us to go further than we
could alone,” Martin said. “Now, we’ll be able to build upon the
relationships HSW has in place in conjunction with our current
customers, allowing us to bring our quality services to a broader
base.”
Accumark is the second acquisition for HSW since ORIX Capital
Partners acquired HSW in 2017. In February 2019, HSW closed on its
first acquisition, Tri-State Utilities LLC (“Tri-State Utilities”).
Based in Chesapeake, Va., Tri-State Utilities specializes in
trenchless pipe rehabilitation services.
Terry Suzuki, President and CEO of ORIX Capital Partners, agrees
that the acquisition will prove beneficial for all parties
involved. “With the acquisition of Accumark, and Tri-State
Utilities earlier in the year, ORIX Capital Partners continues to
realize our goal of seeking strategic add-ons for HSW,” he said.
“These acquisitions will complement the strong organic growth that
HSW has experienced since our initial investment and solidify HSW
as a national provider of underground inspection, cleaning,
rehabilitation and infrastructure services.”
The transaction closed on May 16, 2019.
Hoffman Southwest
HSW is a leading provider of water flow solutions services. Its
Professional Pipe Services (Pro-Pipe) division was founded in 1992
and is a leader in underground pipeline condition assessment and
repair, utilizing state-of-the-art closed-circuit television (CCTV)
and 360-degree scanning systems to digitally map (GIS) underground
infrastructure and provide condition scoring for prioritization and
assessment. Pro-Pipe’s maintenance and rehabilitation solutions
include mainline and lateral rehabilitation, pipe cleaning and
hydro-excavation services. Pro-Pipe is also a leading provider of
cross bore inspection for the natural gas industry. Pro-Pipe serves
municipalities, utilities, contractors, engineers, government
agencies and facility owners throughout the U.S. through multiple
locations across Arizona, California, Oregon, Washington, Utah,
Colorado, Nevada, Texas and North Carolina. For more information,
visit pro-pipe.com.
HSW is also the largest franchisee of Roto-Rooter®, the largest
provider of plumbing and drain cleaning services in North America.
Today, HSW operates 11 Roto-Rooter® branches in California,
Arizona, Utah, Oregon and Texas. For more information about
Roto-Rooter®, visit www.myrotorooter.com/.
Accumark
Founded in 1994, Accumark Inc. provides subsurface utility
engineering, underground utility locating and pipe inspection and
cleaning services to municipalities, government agencies,
utilities, construction contractors, and engineering firms
throughout the Mid-Atlantic region. Accumark is headquartered in
Ashland, Virginia and operates multiple branch locations in
Virginia, North Carolina and Maryland. For more information on
Accumark, visit accumark.us.
Tri-State Utilities
Founded in 1990, Tri-State Utilities is headquartered in
Chesapeake, Virginia and provides storm drain and sanitary sewer
pipe repair, inspection and cleaning services to municipalities,
general contractors and government agencies located across the
Mid-Atlantic region. For more information on Tri-State Utilities,
visit tristateutilities.com.
ORIX Capital Partners LLC
ORIX Capital Partners is a subsidiary of ORIX Corporation USA
(“ORIX USA”). It sponsors direct equity investments to support
growth and performance among established middle-market companies
throughout North America, spanning a variety of industries
including business services, industrials, telecommunications and
technology. ORIX Capital Partners is led by President and CEO
Yoshiteru “Terry” Suzuki, who previously served as Co-CEO of
Cerberus Japan, along with Managing Director Christopher Suan, who
joined ORIX Capital Partners from his position as ORIX USA’s Chief
Development Officer. Before joining ORIX USA, Suan was a Managing
Director at KKR. For more information on ORIX Capital Partners,
visit orixcapitalpartners.com.
About ORIX
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services
group which provides innovative products and services to its
customers by constantly pursuing new businesses. Established in
1964, from its start in the leasing business, ORIX has advanced
into neighboring fields and at present has expanded into lending,
investment, life insurance, banking, asset management,
automobile-related, real estate and environment and energy-related
businesses. Since entering Hong Kong in 1971, ORIX has spread its
businesses globally by establishing locations in 37 countries and
regions across the world. Going forward, ORIX intends to utilize
its strengths and expertise, which generate new value, to establish
an independent ORIX business model that continues to evolve
perpetually. In this way, ORIX will engage in business activities
that instill vitality in its companies and workforce, and thereby
contribute to society. For more details, please visit our website:
www.orix.co.jp/grp/en/.(As of March 31, 2019)
Caution Concerning Forward-Looking Statements:
These documents may contain forward-looking statements about
expected future events and financial results that involve risks and
uncertainties. Such statements are based on our current
expectations and are subject to uncertainties and risks that could
cause actual results that differ materially from those described in
the forward-looking statements. Factors that could cause such a
difference include, but are not limited to, those described under
“Risk Factors” in the Company’s annual report on Form 20-F filed
with the United States Securities and Exchange Commission and under
“(4) Risk Factors” of the “1. Summary of Consolidated Financial
Results” of the “Consolidated Financial Results April 1, 2018 –
March 31, 2019.”
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version on businesswire.com: https://www.businesswire.com/news/home/20190523005059/en/
Jeff Smithjeff.smith@orix.com214.237.2301orMike
Grahammgraham@marketwave.biz214.302.8854
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