LongWater Private Equity acquired a majority stake in Blastco, establishing the Texas-based business as the foundation of a new national industrial coatings platform. Blastco provides surface preparation, industrial coating, and tank rehabilitation services from its headquarters in Channelview, Texas.
The company was founded in 1983 and serves municipal, federal, midstream, and industrial customers.
Existing leadership will remain involved following the transaction.
Jay Soper will continue leading Blastco.
Founder Terry Warren, owner of TF Warren Group, will retain a minority ownership position and join the company’s board.
LongWater developed its investment thesis after studying the industrial coatings sector and identifying a fragmented market dominated by founder- and family-owned contractors.
The private equity firm also identified recurring maintenance, repair, and overhaul demand associated with aging industrial infrastructure as a significant long-term growth driver.
Blastco will serve as the anchor for a national buy-and-build strategy.
LongWater and Blastco plan to pursue acquisitions that broaden the company’s geographic coverage, capabilities, and customer relationships.
Ice Miller served as legal counsel to LongWater, while Katz Sapper & Miller provided financial and tax diligence services.
KEY QUOTES:
“Industrial coatings is exactly the kind of critical infrastructure services industry we look for at LongWater.”
“We believe there is a significant opportunity to build a differentiated national platform, and we’re proud to partner with Jay and the team to do it.”
Neil West, Senior Managing Director at LongWater Private Equity
“LongWater took the time to understand our business and our customers, and they bring the capital, operating resources and acquisition experience to help us grow faster than we could on our own.”
Jay Soper, Vice President of Blastco
“We look forward to working alongside Jay and the team to bring like-minded businesses onto the platform while preserving what makes each of them special.”
Bobby Astrup, Vice President at LongWater Private Equity
