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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