Key Takeaways
- • LongWater Private Equity acquired a majority stake in Blastco, a Channelview, Texas-based provider of surface preparation, industrial coating, and tank rehabilitation services, to anchor a new national industrial coatings platform.
- • Blastco, founded in 1983, serves municipal, federal, midstream, and industrial customers; existing leadership remains, with Jay Soper continuing to lead the company.
- • Founder Terry Warren, owner of TF Warren Group, retains a minority stake and joins the board.
- • LongWater's thesis rests on a fragmented industrial coatings market dominated by founder- and family-owned contractors, and recurring maintenance, repair, and overhaul demand tied to aging infrastructure.
- • The platform will pursue buy-and-build acquisitions to expand geographic coverage, capabilities, and customer relationships.
Summary
LongWater Private Equity has acquired a majority stake in Blastco, establishing the Texas-based company as the foundation of a new national industrial coatings platform. Blastco is headquartered in Channelview, Texas, and provides surface preparation, industrial coating, and tank rehabilitation services. The company was founded in 1983 and serves municipal, federal, midstream, and industrial customers.
Existing leadership will remain involved after the transaction. Jay Soper, Vice President of Blastco, will continue leading the company. Founder Terry Warren, owner of TF Warren Group, will retain a minority ownership position and join Blastco's board.
According to the announcement, LongWater developed its investment thesis after studying the industrial coatings sector, which it describes as fragmented and dominated by founder- and family-owned contractors. The firm also identified recurring maintenance, repair, and overhaul demand tied to aging industrial infrastructure as a significant long-term growth driver. Blastco will serve as the anchor for a national buy-and-build strategy, with LongWater and Blastco planning acquisitions that broaden geographic coverage, capabilities, and customer relationships.
Neil West, Senior Managing Director at LongWater Private Equity, said the firm sees industrial coatings as "exactly the kind of critical infrastructure services industry we look for at LongWater," and that there is "a significant opportunity to build a differentiated national platform." Soper said LongWater "took the time to understand our business and our customers" and brings capital, operating resources, and acquisition experience to help the company grow faster than it could on its own. Bobby Astrup, Vice President at LongWater, said the firm looks forward to bringing "like-minded businesses onto the platform while preserving what makes each of them special."
Ice Miller served as legal counsel to LongWater, while Katz Sapper & Miller provided financial and tax diligence services. Financial terms of the transaction were not disclosed in the source material.
Existing leadership will remain involved after the transaction. Jay Soper, Vice President of Blastco, will continue leading the company. Founder Terry Warren, owner of TF Warren Group, will retain a minority ownership position and join Blastco's board.
According to the announcement, LongWater developed its investment thesis after studying the industrial coatings sector, which it describes as fragmented and dominated by founder- and family-owned contractors. The firm also identified recurring maintenance, repair, and overhaul demand tied to aging industrial infrastructure as a significant long-term growth driver. Blastco will serve as the anchor for a national buy-and-build strategy, with LongWater and Blastco planning acquisitions that broaden geographic coverage, capabilities, and customer relationships.
Neil West, Senior Managing Director at LongWater Private Equity, said the firm sees industrial coatings as "exactly the kind of critical infrastructure services industry we look for at LongWater," and that there is "a significant opportunity to build a differentiated national platform." Soper said LongWater "took the time to understand our business and our customers" and brings capital, operating resources, and acquisition experience to help the company grow faster than it could on its own. Bobby Astrup, Vice President at LongWater, said the firm looks forward to bringing "like-minded businesses onto the platform while preserving what makes each of them special."
Ice Miller served as legal counsel to LongWater, while Katz Sapper & Miller provided financial and tax diligence services. Financial terms of the transaction were not disclosed in the source material.
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