PSC and HydroChem Announce Agreement to Combine Companies

HOUSTON–(BUSINESS WIRE)–PSC, a portfolio company of Littlejohn & Co. LLC, and Aquilex Holdings,
LLC, owner of HydroChem and a portfolio company of Centerbridge
Partners, L.P., today announced they have signed a purchase agreement
whereby PSC will acquire all of the outstanding ownership interests of
Aquilex, combining both PSC and HydroChem to create the premier
industrial cleaning and environmental services company in North America.

The combined company will be led by executives from both organizations:
Gary Noto, HydroChem’s current CEO, will serve as the company’s Vice
Chairman and a member of the board; and Brad Clark, CEO of PSC, will
serve as its CEO and President, and will also join the board.

“This combination will provide our customers with the safest and most
efficient operational experience, and ensure our employees receive the
most comprehensive training and career development opportunities,” said
Mr. Clark. “PSC and HydroChem both share rich histories, a strong
commitment to our people and deep values that promote safety, craft
apprenticeship and collaboration.”

Mr. Noto added, “The new company will have a deep operational bench,
more than 5,000 employees, and, when combined with our industry leading
automation technology, will create exceptional value for clients with
challenging maintenance needs.”

Michael Kaplan, a Managing Director at Littlejohn & Co., commented: “We
are excited to bring together two great companies under combined
leadership that represents the best talent in the industry.”

Kyle Cruz, Senior Managing Director at Centerbridge Partners said, “We
are proud to have partnered with HydroChem’s senior management team and
its dedicated employees to revitalize the business over the past five
years. Given the strong momentum in HydroChem’s business, this
combination with PSC will allow it to provide its differentiated
offering to new customers.”

The combination is subject to customary closing conditions and is
expected to close later this year promptly following termination of the
applicable waiting period under the HSR Act.

About PSC

PSC is a leading provider of specialty maintenance services and
technology solutions to the critical energy infrastructure in the United
States. PSC has built a strong business platform by partnering with
clients who value safety, the most modern and productive equipment in
the industry, a deep bench of engineering talent and the highest
standards for environmental compliance. The heart of our organization
comes from our dedicated employees and we are so proud to have the most
experienced, best-trained professionals in the industry. Our service
culture puts our clients and us on the same side of the table, working
as partners to transparently identify ways to reduce wastes, costs and
liabilities.

About HydroChem

HydroChem LLC is a leading provider of industrial cleaning solutions to
the petrochemical production, oil refining, and other energy
end-markets. HydroChem serves a diverse base of blue-chip customers and
has industry-leading safety results, highly innovative automation
technologies and specialty services, and best-in-class project
supervision personnel and field equipment. The company’s core services,
which include hydroblasting, industrial vacuuming, chemical cleaning,
tank cleaning, and paint booth management services, are essential to
improving or maintaining the efficiency and operability of customer
facilities as well as extending the useful lives of process equipment
and facilities.

About Littlejohn & Co., LLC

Littlejohn & Co. is a Greenwich, Connecticut-based investment firm
focused on private equity and debt investments primarily in middle
market companies. With over $4 billion under management, the Firm seeks
to create long-term value for its investors and build sustainable
success for its portfolio companies through a disciplined approach to
engineering change. For more information about Littlejohn, visit http://www.littlejohnllc.com.

About Centerbridge Partners, L.P.

Centerbridge Partners, L.P. is a private investment management firm
employing a flexible approach across investment disciplines—from private
equity to credit and related strategies, and real estate—in an effort to
find the most attractive opportunities for our investors and business
partners. The Firm was founded in 2005 and as of July 2017 has
approximately $29 billion in capital under management with offices in
New York and London. Centerbridge is dedicated to partnering with
world-class management teams across targeted industry sectors and
geographies to help companies achieve their operating and financial
objectives. For more information, please visit www.centerbridge.com.

Contacts

Media:
For Littlejohn & Co. / PSC:
Gasthalter
& Co.
Jonathan Gasthalter / Nathaniel Garnick, 212-257-4170
or
For
Centerbridge Partners / HydroChem:
Centerbridge Investor
Relations
212-672-5088
or
Kekst & Co.
Jeremy
Fielding / Madisen Obiedo, 212-521-4800