Several infrastructure funds are in the second round of a sale process to acquire Lindsay Goldberg-backed diesel refueling station company Liquid Tech Solutions, three sources familiar with the matter told PE Hub.
Buyout interest has emerged over the previous quarter as the New York-based private equity firm has been advised by Harris Williams on a potential deal for Liquid Tech valued at $1.4 billion, the sources said.
Over the past year Liquid Tech generated $125 million of EBITDA. Sources say the company could sell for about 11x EBITDA.
Lindsay Goldberg acquired Liquid Tech in 2020 for undisclosed terms and subsequently grew the company with more than 10 add-ons, according to the firm’s website.
Formed in 1998 and based in Stoughton, Massachusetts, Liquid Tech is an on-site truck-to-truck (T2T) refueling and fuel delivery service provider. Services include diesel fuel and exhaust fluids, tank monitoring, generator services and marine fuel and gasoline delivery.
An infrastructure fund manager not actively involved in Liquid Tech’s sale process called the diesel refueling market a “finite market play” for service providers. As states in addition to California and Texas harness electric trucking fleets, more diesel and gasoline truck operators are expected to switch to electric truck fleets and depots in the coming decade.
Lindsay Goldberg and Liquid Tech did not respond to requests for comment. Harris Williams declined to comment.