CenterOak Partners acquires HK Solutions Group
CenterOak Partners (CenterOak), a Dallas-based private equity firm, has completed a majority recapitalisation of HK Solutions Group (HK Solutions), a leading regional provider of infrastructure maintenance services for municipal and industrial customers primarily in the Midwest.
Chief Executive Officer Wade Anderson and the existing management team will continue to lead the Company following CenterOak’s investment. Terms of the transaction were not disclosed.
HK Solutions, headquartered in Des Moines, Iowa, provides water and wastewater infrastructure inspection, cleaning, and repair services, as well as industrial services and wastewater treatment, to customers predominantly in Midwestern states. HK Solutions’ diverse set of service offerings are designed to support the ongoing maintenance needs of existing public and private infrastructure, including sewer lines, manholes, stormwater systems, large diameter pipe, and industrial facilities. With an extensive fleet of vacuum trucks, pipe inspection units, and hydroblasting equipment, HK Solutions differentiates itself based on its breadth of services and highly skilled workforce serving the growing needs of municipal and industrial markets in the Midwest.
“We were attracted to the Company after developing an investment thesis around the need to cost effectively repair or replace ageing or failing water and wastewater infrastructure,” says Randall Fojtasek, CEO and a Managing Partner of CenterOak. “Sustaining this significant core infrastructure is mission critical for our communities and for the environment. HK Solutions has an impressive operating track record in this large, growing, and important sector.”
“HK Solutions represents an attractive opportunity to partner with a regional market leader providing non-discretionary services in a fragmented sector,” says Jason Sutherland, a Managing Partner with CenterOak. “We look forward to working alongside management to grow the Company’s existing service lines, to expand market presence and to broaden service capabilities, drawing upon CenterOak’s recent relevant investment experience.”
“We are thrilled to partner with the team at CenterOak to drive continued growth,” says Wade Anderson, CEO of HK Solutions. “The team’s knowledge of the wastewater and infrastructure services sectors, operational improvement focus, and significant experience supporting growth through add-on acquisitions made them an ideal partner for HK Solutions. We are excited about entering a phase of accelerated growth and the opportunities that investment in our business can bring our employees, customers and vendors.”