3 Rivers Capital has sold its portfolio company Geo-Con, a provider of environmental remediation and geotechnical services, to Geo-Solutions, a portfolio company of RAF Industries.
Geo-Con is a provider of environmental remediation and geotechnical services. Geo-Con offers a suite of technical capabilities in the environmental remediation and geotechnical services sectors including slurry walls, bio-polymer trenches, permeable reactive barriers, soil mixing, grouting, wetlands enhancement and site remediation. In addition to its headquarters in Pittsburgh, Geo-Con has regional offices in Florida, Colorado and Philadelphia. Since its founding in 1979 the company has completed over 1,500 projects throughout the US, Canada, Japan, Ireland and Australia (www.geocon.net).
Lincoln International acted as a financial advisor to Geo-Con and 3 Rivers, working closely with the management team and shareholders throughout the sale process. This included providing advisory expertise and managing the marketing, negotiation and due diligence phases of the transaction.
“Lincoln International’s global marketing effort and unique insights into the potential buyer universe, drawn from several recent transactions in the environmental services space, created an exceptional outcome. Lincoln’s execution expertise, industry and buyer knowledge and process guidance proved invaluable throughout the sale process,” said Dale Buckwalter, a Managing Director at 3 Rivers.
3 Rivers Capital focuses primarily on equity recapitalizations and buyouts of companies with revenues of up to $50 million and EBITDAs of up to $7 million. Sectors of interest include niche manufacturing and specialty service businesses. The firm was founded in 2005 and is based in Pittsburgh (www.3riverscap.com).
“Geo-Con is an outstanding business and niche market leader benefitting from numerous long-term growth dynamics in the environmental services sector. As a result of these dynamics, which include regulation-driven demand, heightened public awareness and a constantly growing emphasis on “green” solutions, among others, the environmental services space will continue to attract significant investment from both the private equity and strategic acquirer communities,” said Saurin Mehta, Managing Director at Lincoln International.
Geo-Solutions, a portfolio company of RAF Industries, provides contractors, owners, and engineers with construction solutions to environmental and civil engineering problems involving soil and groundwater. Geo-Solutions specialties include slurry cut-off walls, grouted barriers, in situ stabilization, in situ treatment, biopolymer drains, and permeable reactive barriers. Other specialties include ground improvement or soil stabilization technologies such as dynamic compaction and grouting. The company is based in Pittsburgh (www.geo-solutions.com).
RAF Industries was founded by Robert A. Fox in 1979 and is a privately-held investment company which owns and operates sixteen manufacturing companies, all located in the United States. The company is headquartered in Jenkintown, PA (www.rafind.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 1-17-13