CenterOak Partners LLC, a Dallas-based private equity firm, today announced that it has completed a majority recapitalization of HK Solutions Group, a regional provider of infrastructure maintenance services for municipal and industrial customers primarily in the Midwest. HK Solutions chief executive officer Wade Anderson and the existing management team will continue to lead the company following CenterOak’s investment.
HK Solutions, headquartered in Des Moines, Iowa, provides water and wastewater infrastructure inspection, cleaning, and repair services, as well as industrial services and wastewater treatment, to customers predominantly in Midwestern states.
“We were attracted to the company after developing an investment thesis around the need to cost effectively repair or replace aging or failing water and wastewater infrastructure,” said Randall Fojtasek, CEO and a managing partner of CenterOak. “Sustaining this significant core infrastructure is mission critical for our communities and for the environment. HK Solutions has an impressive operating track record in this large, growing, and important sector.”
“HK Solutions represents an attractive opportunity to partner with a regional market leader providing non-discretionary services in a fragmented sector,” said Jason Sutherland, a managing partner with CenterOak. “We look forward to working alongside management to grow the company’s existing service lines, to expand market presence and to broaden service capabilities, drawing upon CenterOak’s recent relevant investment experience.”
“We are thrilled to partner with the team at CenterOak to drive continued growth,” said Anderson. “The team’s knowledge of the wastewater and infrastructure services sectors, operational improvement focus, and significant experience supporting growth through add-on acquisitions made them an ideal partner for HK Solutions. We are excited about entering a phase of accelerated growth and the opportunities that investment in our business can bring our employees, customers and vendors.”