Global Power Equipment Group Acquires Hetsco for $32.5M in Cash

Global Power Equipment Group

today reported that it has acquired privately-owned Hetsco, Inc. ("Hetsco"). Hetsco is a leading global provider of mission critical brazed aluminum heat exchanger ("BAHX") repair, maintenance and safety services to the industrial gas, liquefied natural gas ("LNG") and petrochemical industries. The $32.5 million cash acquisition closed on April 30, 2013, and remains subject to final working capital adjustments. A presentation summarizing the acquisition is available at http://ir.globalpower.com/. The addition of Hetsco's lifecycle services broadens Global Power's reach into the industrial gas and oil and gas end markets and its highly-skilled welders bolster the Services Division capabilities for current utility customers. Luis Manuel Ramírez, President and Chief Executive Officer of Global Power commented, "We are very excited to add Hetsco to the Global Power family. This acquisition perfectly fits our strategy to increase our exposure to the macro natural gas growth trend with a focus on adjacent technologies in air and gas separation, heat exchangers and LNG. Hetsco's repair and maintenance work further expands our scope of high-margin aftermarket services. We believe that Global Power's international reach and project management expertise will help to drive