PSC and HydroChem Have Joined Forces to Become the Premier Industrial Cleaning and Environmental Services Company in North America

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 successfully completed a
transaction in which PSC has acquired all of the outstanding ownership
interests of HydroChem, combining both PSC and HydroChem to create
HydroChemPSC.

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

“It will be my great honor to lead HydroChemPSC. Gary and I share a bold
vision of all we can and will do for our customers, the industry and
most of all, each of our employees. This is going to be a company that
supports and brings forward the best in each of us, with a goal of
achieving the highest reputation for safety, technology and customer
service in the industry,” said Mr. Clark.

“Our new organization will provide the highest level of personal
attention in the safest environment with the latest in advanced
automated tooling. But, what will be most defining about our company is
and will always be our people. When you consider the talent and
commitment of the professionals in both companies, it is no wonder we
believe we can transform our industry,” said Mr. Noto.

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, the new
company will extend its differentiated offering to an even broader
customer base.”

Pepper Hamilton LLP served as counsel to PSC and Littlejohn, and
Kirkland & Ellis LLP served as counsel to HydroChem. Harris Williams and
Houlihan Lokey served as financial advisors to HydroChem.

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 September 2017 has
approximately $28 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