Orlando, Florida, October 10, 2023 – Island Pump and Tank (“Island Pump”), a Hidden Harbor Capital Partners portfolio company and provider of maintenance, repair, and installation services to fueling stations and critical infrastructure, today announced the acquisition of Petroleum Equipment Construction, Inc. (“PEC” or the “Company”). The acquisition expands Island Pump’s geographic footprint into Florida and further enhances its ability to expand service coverage for valued existing customers.

Founded in 1997 by Richard Buchholz, Ronald Cardoza, and Benjamin Bathke and located in Lockhart, Florida, PEC provides a full suite of maintenance, testing, repair, and installation services specializing in petroleum storage, fueling systems, and point-of-sale equipment to customers in the Orlando metro area. The Company has served Orlando’s fuel retailers, convenience stores, and other commercial clients, as well as critical infrastructure such as hospitals and other healthcare facilities for over 25 years. Owners Benjamin Bathke and Jeffrey Caldwell will both continue to be involved with the Company.

“PEC is excited to join the Island Pump and Tank family. We look forward to pursuing new, exciting opportunities together, while continuing to deliver best in class service to our customers” said Benjamin Bathke, President of PEC. “Island Pump could not be more thrilled to partner with an organization like PEC for its first acquisition. PEC shares our core values of safety, customer excellence, and continuous improvement, and its high-quality customer base, local brand, and geography all contribute to a strong strategic fit with Island Pump and Tank” said Matt Robertson, CEO of Island Pump and Tank.

Capital Southwest Corporation (Nasdaq: CSWC) provided financing for the transaction. Kilpatrick Townsend & Stockton served as legal advisor to Hidden Harbor Capital Partners and Island Pump and Tank. Commercial Real Estate Professionals served as sell-side advisor to Petroleum Equipment Construction, Inc.

About Island Pump and Tank

Headquartered in East Northport, New York, Island Pump has been a provider of maintenance, repair and installation services to fueling stations and critical infrastructure for over 50 years.  Through decades of building a strong reputation for industry-leading quality, technical expertise, and service excellence, Island Pump has become the partner of choice for the largest fuel retailers and government agencies. In addition, the Company’s deep experience in underground storage tanks (“USTs”), environmental remediation, and alternative energy services make it a trusted partner for critical infrastructure projects of all sizes. For more information, visit https://islandpumpandtank.com/

About Hidden Harbor Capital Partners

Hidden Harbor Capital Partners is a private equity firm which helps create business success stories by building teams focused on execution. We believe that great companies are built on a strong group of people as their foundation, and that businesses succeed when they are intensely focused on executing a small set of well-defined objectives. Hidden Harbor currently manages over $800 million of equity capital and is investing out of its second fund, a $450 million vehicle. To learn more, visit www.hh-cp.com and our page on LinkedIn.

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Media Contact

Julia Bennett: (904) 534-4468 / jbennett@hh-cp.com