Hoffman Southwest Expands Nationally Via Tri-State Acquisition
(UC) - Hoffman Southwest Corp. announced it has acquired Chesapeake, Virginia-based Tri-State Utilities in a transaction that creates a national presence through the combination of two major underground infrastructure firms on the East and West coasts.
Founded in 1990 by Steve McSweeney, Tri-State provides trenchless repair, rehabilitation, inspection, and other maintenance services to the municipal utility market in the Mid-Atlantic and Southeast regions. Mission Viejo, California-based Hoffman was founded in 1947 and provides underground pipe inspection, trenchless pipe repair, excavation and cleaning services for municipal and utility customers throughout the Western United States.
Since 2007, Tri-State has operated under the leadership of its founder’s sons, Andy and Joe McSweeney, who invested heavily in fleet and personnel to establish the company as a market leader in trenchless utility rehabilitation. Hoffman Southwest has been a portfolio company of Orix Capital Partners since its acquisition from Sterling Partners in 2017.
“When Joe and I began contemplating a possible ownership transition, it was critical that we find a group that shared our Company’s values and commitment to growth. We feel confident that the (Hoffman) and Orix teams are precisely the partners that share this vision,” said Steve McSweeney, president of Tri-State.
“I have no doubt that HSW will help us build on the tremendous foundation that our father established and Andy and I were fortunate enough to continue,” added Joe McSweeney, CEO of Tri-State.
Matrix Capital Markets Group served as exclusive financial advisor to Tri-State, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was led by David Shoulders, managing director and head of Matrix’s Consumer & Industrial Products Group, and William O’Flaherty, vice president. Troutman Sanders served as legal counsel for Tri-State.
“The McSweeney family has built an impressive business that is poised for exceptional growth as it continues to address the needs of aging underground infrastructure,” Shoulders said.
Matrix is an independent investment bank based in Richmond, VA.
Related News
From Archive
- Fatal Shawnee trench collapse linked to Oklahoma contractor’s repeated safety violations, OSHA reports
- Tunnel boring machine ‘Clack-A-Mole’ nears one-third completion in Oregon outfall project
- Explosion in underground PG&E vault leaves one dead in Richmond, Calif.
- Tennessee pipeline gets initial FERC approval despite environmental concerns
- Sinkhole in Texas town accrues over $800,000 in sewer rehabilitation costs
- Wisconsin proposes new PFAS drinking water standards to align with federal rules
- Elgin, Ill., joins EPA drinking water initiative to accelerate lead pipe replacement
- GasTracker Accurately Locates Plastic Gas Pipes
- Florence, S.C., to fund $537 million sewer, water upgrade with bonds and 5% rate hike
- Union County, Ga., breaks ground on $20.5 million fiber broadband expansion project
Comments