LongWater Buys Majority Stake in Blastco to Build Industrial Coatings Platform

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LongWater Private Equity acquired a majority stake in Blastco, the Channelview, Texas, surface preparation, industrial coatings and tank rehabilitation contractor. The Sept. 30 announcement establishes Blastco as the starting point for a national coatings services business.

Jay Soper will continue to lead Blastco. Terry Warren, its founder and the owner of TF Warren Group, retains a minority interest and will serve on the board. Financial terms were not disclosed.

LongWater and management plan to acquire additional contractors to expand territory, capabilities and customer relationships. The investor identified recurring maintenance, repair and overhaul work on aging industrial assets as a central driver in a market with many founder- and family-owned businesses.

Soper said the partnership adds capital, operating support and acquisition experience while preserving the company's focus on safe execution. LongWater said it had already developed relationships with other coatings contractors as part of its industry research.

Field and Shop Services for Industrial Assets

Founded in 1983, Blastco serves municipal, federal, midstream and industrial customers. Its service portfolio includes protective coatings and linings, storage tank repairs, lead abatement and fireproofing.

The company performs both field and shop work for new construction and maintenance projects. Applications include chemical and water storage tanks, bridges and dams. It also provides mechanical and tank rehabilitation services, allowing coating work to be coordinated with repairs to the underlying asset.

Its end markets include refineries, terminals, pipelines, water and wastewater facilities, chemical processing, alternative fuels, industrial manufacturing and transportation. The company describes project documentation and quality management as part of its execution process.

Those capabilities place the business across multiple stages of asset protection, from preparing surfaces and repairing equipment to applying coatings and linings.

Consolidation among industrial coatings applicators can change how protective-coatings suppliers support specifications, technical service and maintenance projects across multiple regions.