Hastings Equity Partners Invests in A&L Industrial Services
BOSTON, MA (December 28, 2018) — Hastings Equity Partners ("Hastings"), a private equity firm focused on investing in lower middle market businesses, announced today its second Fund IV platform investment in A&L Industrial Services ("A&L").
Based in Deer Park, Texas, A&L is a leading provider of scaffolding, insulation and industrial coating services to refineries, petrochemical plants and liquified natural gas facilities across the Gulf Coast. Founded in 1985 by President Alan Swindoll, A&L has an experienced team that consistently delivers superior results on time and often under budget. The company specializes in turnaround and maintenance projects, and serves a blue-chip customer base. A&L’s proprietary project management system enhances its ability to provide detailed planning and job performance tracking for its customers. Its premier safety program, project management system and superior craftsmanship position A&L to become the market leader in scaffolding, insulation and industrial coating services.
“Hastings is a dedicated investor in the downstream services sector,” said Ted Patton, managing director of Hastings. “We identified the need for an independent scaffolding, insulation and coating services provider to the downstream market that can handle the scale, complexity and time-sensitive nature of turnaround and maintenance projects, with the service quality and customer attentiveness of a small company. A&L’s experienced team, highly technical capabilities, premier safety culture and extensive market history are the foundation for a very bright future.”
“A&L has experienced unprecedented growth since its foundation in 1985,” said Alan Swindoll, founder and president of A&L. “I am extremely proud of what we built here at A&L. Our partnership with Hastings will allow us to grow and provide the best service for our customers. We will expand our capabilities and geographic and customer footprints, and grow our culture of best practices.”
Locke Lord LLP provided legal counsel to Hastings and Cadence Bank provided financing support for the transaction.
About A&L Industries Services
A&L is a leading provider of scaffolding, insulation and industrial coating to refineries, petrochemical plants and liquified natural gas facilities across the Gulf Coast. A&L is headquartered in Deer Park, Texas, and has offices in Nederland and Corpus Christi.