Key Takeaways
- • LongWater Private Equity acquired a majority stake in Blastco, a Channelview, Texas-based provider of surface preparation, industrial coatings and tank rehabilitation services, according to a Business Wire announcement.
- • Blastco, founded in 1983, serves municipal, federal, midstream and industrial customers and will anchor a national industrial coatings platform.
- • The deal follows many months of thesis work by LongWater, which identified a highly fragmented market of founder- and family-owned contractors supported by recurring maintenance, repair and overhaul (MRO) demand.
- • Founder Terry Warren retains a minority stake and a board seat, while Jay Soper continues to lead the company.
- • LongWater plans add-on acquisitions to expand Blastco's geographic footprint, service offering and customer relationships.
Summary
LongWater Private Equity ("LongWater") announced that it has acquired a majority stake in Blastco, a Channelview, Texas-based provider of surface preparation, industrial coatings and tank rehabilitation services, according to a Business Wire release dated October 7, 2026. The investment was made in partnership with Blastco's existing leadership team. Jay Soper, Vice President of Blastco, will continue to lead the company. Terry Warren, owner of TF Warren Group and founder of Blastco, will retain a minority ownership stake and serve on the board of directors.
Founded in 1983, Blastco delivers field coatings solutions for customers across municipal, federal, midstream and industrial sectors. According to the release, the transaction is the result of many months of thesis work by LongWater in the industrial coatings space. Over the past year, the LongWater team mapped end markets across energy, industrial and federal infrastructure and met with operators throughout the industry. That work identified a highly fragmented market of founder- and family-owned contractors, supported by recurring MRO demand from an aging base of industrial assets.
Blastco will serve as the anchor of a national platform. LongWater and company management plan to pursue add-on acquisitions that expand Blastco's geographic footprint, service offering and customer relationships. Neil West, Senior Managing Director at LongWater, said the firm "spent a significant amount of time developing a perspective on value in the industry before engaging," and that Blastco stood out for its people, safety culture and customer reputation. Bobby Astrup, Vice President at LongWater, said the firm has already built relationships with a number of high-quality coatings contractors across the country.
LongWater was founded in 2009 and is a private markets investor with offices in Fargo, Dallas, St. Louis and Boston. Ice Miller served as legal counsel to LongWater, and Katz Sapper & Miller served as financial and tax diligence advisor. The release did not disclose the purchase price or the size of the majority stake.
Founded in 1983, Blastco delivers field coatings solutions for customers across municipal, federal, midstream and industrial sectors. According to the release, the transaction is the result of many months of thesis work by LongWater in the industrial coatings space. Over the past year, the LongWater team mapped end markets across energy, industrial and federal infrastructure and met with operators throughout the industry. That work identified a highly fragmented market of founder- and family-owned contractors, supported by recurring MRO demand from an aging base of industrial assets.
Blastco will serve as the anchor of a national platform. LongWater and company management plan to pursue add-on acquisitions that expand Blastco's geographic footprint, service offering and customer relationships. Neil West, Senior Managing Director at LongWater, said the firm "spent a significant amount of time developing a perspective on value in the industry before engaging," and that Blastco stood out for its people, safety culture and customer reputation. Bobby Astrup, Vice President at LongWater, said the firm has already built relationships with a number of high-quality coatings contractors across the country.
LongWater was founded in 2009 and is a private markets investor with offices in Fargo, Dallas, St. Louis and Boston. Ice Miller served as legal counsel to LongWater, and Katz Sapper & Miller served as financial and tax diligence advisor. The release did not disclose the purchase price or the size of the majority stake.
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