Aurora Capital Partners, a middle-market private equity firm, recently acquired Petroleum Service Corporation (PSC).
PSC, a subsidiary of SGS—an inspection, verification, testing and certification company—specializes in product handling and site logistics services for the petrochemical, refining, midstream and marine transportation end markets in North America.
“PSC is an excellent fit with Aurora’s investment strategy,” said Matthew Laycock, a partner at Aurora. “Over the past 65-plus years, PSC has become the established leader in product handling and site logistics across a number of industrial end markets with an industry-leading track record of customer service and safety performance.
“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.”
PSC, a long-time service provider to large blue-chip companies who services include loading and unloading tank cars and tank trucks, was founded in 1952 with a focus on environmental safety, quality customer service and corporate responsibility, Aurora said.
“Aurora has a long and successful track record of supporting companies like ours,” said Joel Dickerson, president of PSC. “Our cultures are perfectly aligned, and we are excited about the benefits this transaction will bring to our deep customer relationships and our 3,500-plus hard-working employees. Aurora’s emphasis on partnership with management and its success with similar business models and end markets will enable us to further enhance our market-leading positions.
“We are delighted to join forces with Aurora to continue PSC’s dedication to our customers and the PSC mission.”
The acquisition of PSC is the sixth investment from Aurora Equity Partners V, which has $1.2 billion in commitments. PSC said on its website it will continue to operate as Petroleum Service Corporation, and the ownership change will have “very little impact” on its site operations.
“PSC’s excellence in personnel and environmental safety as well as overall service quality is unmatched in the industry,” said Andrew Wilson, a partner at Aurora. “They have a stellar reputation, and we are thrilled to be working with Joel and his team to continue building out the PSC platform.”