Monument Advisors acquires HETSCO, Inc.
Monument Advisors, a private equity fund based in Indianapolis, has acquired HETSCO, Inc., a company that specializes in the repair and modification of heat exchangers used in cryogenic and industrial gas plants across the US and around the world.
Monument purchased HETSCO on June 30, 2004 with Ralph Canter, former Senior Vice President of Indianapolis Power & Light (IPALCO). Mr. Canter has over 25 years of management experience, most recently as a Senior Vice President of customer service for Wabash Valley Power Association (WVPA). Prior to WVPA, Mr. Canter spent 24 years with IPALCO, where he held various leadership roles throughout the organization. Mr. Canter is a Registered Professional Engineer (PE) and former Boiler and Pressure Vessel Inspector, certified by the State of Indiana. Mr. Canter will be HETSCO's CEO.
"We are pleased that we are able to keep another great Indiana company in Indiana and retain another Indiana senior executive," commented Larry Wechter, Managing Director and CEO for Monument Advisors. "Under the leadership of Ralph, we plan to grow HETSCO and increase our domestic market share and penetrate new markets including Asia and South America."
HETSCO's service offerings include the repair and modification of heat exchangers as well as design and engineering, equipment fabrication, high-quality weld repairs, heat exchanger inspections, evaluation, and cleaning services. The Company also provides confined space entry safety services and training for its customers. These services, along with HETSCO's approach to rapid response to serve any customer 24 hours a day and 7 days a week, creates significant value to customers and has enabled the Company to achieve "Critical Vendor" status with its customers such as Fortune 500 companies including BOC Gasses, Praxair, Air Products and Air Liquide.
Monument Advisors is a private equity fund based in Indianapolis. Monument focuses on making strategic investments in manufacturing, service, and distribution companies located in Indiana and throughout the Midwest.
Contact: Tony Walker (317) 656-5065