View all NewsPetroleum Service Corporation, a Portfolio Company of Aurora Capital Partners, Announces Acquisition of Prokar, Inc.
PASADENA, Texas, June 21, 2021 /PRNewswire/ -- Petroleum Service Corporation ("PSC"), a North American leader in product handling, site logistics and sustainability services for the petrochemical and refining industries, announced today that it has acquired Prokar, Inc., a leading provider of on-site railcar repair, maintenance and inspection services for petrochemical and refining companies in Texas and Louisiana.
Prokar was founded in 1982 as a single-site railcar repair operation in Beaumont, Texas. Through the years the company expanded its service offerings and customer base and now operates multiple repair sites across Texas and Louisiana.
"We are pleased to welcome the Prokar team to the PSC family," said PSC CEO Joel Dickerson. "The depth of experience and reputation for outstanding service that they bring to PSC will give us a big boost in our efforts to meet growing industry needs for safe and efficient railcar repair and maintenance services."
As part of the acquisition agreement, Prokar's founder and president Lee Schreve will join PSC's railcar repair leadership team. "The strong foundation and commitment to service that Lee has built with Prokar is one of the main reasons we began talking with him about joining PSC," said Brian Camp, PSC Vice President of Operations. "Prokar has been serving many of the same customers that we work with, and the services they offer mesh very well with our expanded railcar repair operations."
"From the start of the discussions with PSC's leadership, I liked the attitude and optimism they displayed for being able to grow together and create good opportunities for our employees," said Schreve. "In my opinion, it's a win-win-win for Prokar, for PSC, and for our customers."
About Petroleum Service Corporation
For nearly 70 years, Petroleum Service Corporation has been committed to safely and efficiently meeting the product handling and site logistics needs of top-tier companies in the refining, chemical, and marine industries. The company's 3,500+ employees serve at more than 125 refineries, terminals, and chemical plants across the U.S., Mexico and Canada, providing expertise in tankering barges, operating terminals and docks, railcar repair and switching, warehousing, and loading/unloading of railcars and trucks with a variety of oil products, plastics, and chemicals. PSC also offers an array of sustainability and vacuum truck services to support plastics producers with Operation Clean Sweep compliance and the circular economy.
About Aurora Capital Partners
Aurora Capital Partners is a leading private equity firm focused principally on control investments in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. Aurora provides unique resources to its portfolio companies through its Strategy & Operations Program and its team of experienced operating advisors. Aurora's investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information about Aurora Capital Partners, visit: www.auroracap.com.
Petroleum Service Corporation Media Contact:
Lisa Comeaux, Communications Manager
Phone: 225-343-8262 ext. 265
Email: lisa.comeaux@petroleumservice.com
Aurora Capital Partners Media Contact:
Steve Bruce / Taylor Ingraham
ASC Advisors
Phone: 203-992-1230
Email: sbruce@ascadvisors.com / tingraham@ascadvisors.com
SOURCE Petroleum Service Corporation