SGS announces the sale of Petroleum Service Corporation to Aurora Capital Partners for $335 million. PSC is the oldest and largest company in the USA providing product handling and site logistics services for the petrochemical, refining, midstream, and marine transportation end market.
“As part of our dashboard review and evolving strategic direction of the business announced at our Investor Days in November 2018, we decided to dispose of CHF 350 million in revenue. This disposal represents a significant milestone in the execution of this pillar of our strategy,” said Frankie Ng, CEO, SGS.
SGS has owned this business since 2004. With headquarters in Baton Rouge, Louisiana, PSC had an annual turnover of approximately USD 300 million in 2018 and employs around 3,500 employees.
“SGS is grateful to the employees and management of PSC for the tremendous performance achieved in the past 15 years. We are happy to have found in Aurora Capital Partners the best possible partner to write the next chapter in PSC history,” said Frankie Ng.
SGS remains committed to evolving its portfolio and creating long-term value for its customers, shareholders and for society.
Rothschild & Co served as exclusive financial advisor to SGS, while Weil, Gotshal & Manges LLP served as legal counsel.
